LONDON: Dutch telecommunications company KPN NV has rejected a takeover offer worth about 18 billion euros ($21.63 billion) from a private equity consortium comprising EQT AB and Stonepeak Infrastructure Partners, the Financial Times reported on Sunday.

The companies lodged a bid, but KPN's board rejected it in the last two weeks, the report said, adding the consortium is considering whether to raise its offer. In April, the Wall Street Journal reported that the two investors sought to pay 3 euros per share for the top Dutch telecoms provider.

Both EQT and Stonepeak have been circling KPN since last year and started conducting due diligence last month, the Financial Times reported, citing multiple people with direct knowledge of the talks. EQT declined to comment. KPN and Stonepeak did not immediately respond to Reuters' request for a comment on Sunday.