The merchant bank set up by former Blackstone Hong Kong head Ben Jenkins is the latest investor to bid for the French assets of private equity-backed broadcast tower operator Telediffusion de France (TDF).
Dering Capital has made a non-binding offer of almost €3.8bn for the arm according to Reuters, the latest bid TDF has received below its €4bn asking price.
TDF is backed by private equity firms TPG, AXA Private Equity, Charterhouse and French sovereign wealth fund FSI.
Earlier this month Canadian pension funds CPP and PSP and Australian investment firm AMP Capital were said to be interested in acquiring the business.
TDF hopes to sell the unit for €4bn to repay its debts of €3.8bn and avoid restructuring according to a previous report from Reuters, which cited three people with knowledge of the process.
The company plans to sell its German business after disposing of the French unit, which accounts for more than half of its revenues, the sources said.
Copyright © 2013 AltAssets