The owner of the Romanian cable operator Digital Cable Systems (DCS), which uses the brand name AKTA, has turned down bids for the company from both UPC and Vodafone.
Quoting sources familiar with the negotiations, ZF reports that the investment fund Pinebridge was seeking €200 million for AKTA but was only offered around half that amount.
It adds that negotiations between the parties lasted six months and that they were not deadlocked.
Indeed, it is believed the first offers were lodged to test the lower limit at which Pinebridge is willing to sell and that further talks are likely.
Pinebridge is a majority owned of AKTA, having initailly invested in the company in October 2007.
AKTA provides triple-play services to over 600,000 subscribers.