New bidder for telecoms group ups price by £60m

Hull-based listed telecoms business KCOM has withdrawn its support for a £504m takeover from Universities Superannuation Scheme in favour of a ‘superior offer’ by a fund managed by Macquarie Infrastructure and Real Assets.

The Macquarie Infrastructure and Real Assets offer price of 108p a share in cash represented an aggregate value of £563m for KCOM.

“KCOM considered and considers the Macquarie offer to represent a superior offer for KCOM’s shareholders as compared to the Universities Superannuation Scheme offer,” the company said this morning.

KCOM proposed to adjourn the court meeting and the general meeting concerning the Universities Superannuation Scheme, which was expected to be held on June 5.

News broke in late April that KCOM had received the £504m offer from USS, when an  agreement was reached with KCOM to purchase the company for 97p per share.

The deal was recommended for approval but needed the backing of at least 75% of stakeholders to go through.