Doughty Hanson, a UK private equity firm, is bidding against Yellow Brick Road, a telephone directories company owned by Australia's Macquarie Bank, in the final round of an auction for Copenhagen-based TDC Directories.

Dow Jones Newswires reports that Yellow Brick Road and Doughty have outbid several other parties, including rival private equity groups Texas Pacific and 3i, and trade buyer World Directories, based in Belgium.