Telediffusion de France, the broadcast tower operator, had received from Dering Capital a non-binding offer worth EUR3.8 billion. According to the Financial Times, the said offer would be for the French assets of the operator.

Aside from Dering, TDF has received other bids but were below the EUR4 billion base price set by the company. The lack of bidders raised concerns about its ability to close an agreement where the funds received would repay debts amounting to EUR3.8 billion to avoid a costly restructuring. This was reported Reuters earlier this month, who cited anonymous sources knowledgeable of the process.

Dering Capital was established by Ben Jenkins back in 2011. Jenkins was the former senior managing director for US private equity firm Blackstone. Aside from this assignment, he was the head of the buyout firm's Hong Kong office.

TDF on the other hand is co-owned by AXA Private Equity, Charterhouse, FSI, the French sovereign wealth fund and TPG. The firm has been battered by the financial crisis as well as issues as to its technological advancement since its purchase back in 2006.

All the named parties in this report could not be immediately reached for comment, except for TPG, who declined to make a statement on the possible transaction.