KCOM board backs new takeover offer

4 Jun 2019

Hull-based KCOM’s board has withdrawn its recommendation for the takeover offer made by pension fund Universities Superannuation Scheme’s (USS’s) Bidco subsidiary in April 2019, following a new, higher bid from a Macquarie investment fund.

According to the Financial Times, the development has come after Macquarie Infrastructure and Real Assets (MIRA) lodged a GBP563 million (USD712 million) offer for KCOM; this fresh bid values the telco at GBP1.08 per share, compared to the GBP0.97 per share that had been offered by Bidco. Commenting on the matter in a statement, KCOM was cited as saying: ‘… the board of KCOM … considers the MIRA Offer to represent a superior offer for KCOM’s shareholders as compared to the USS Offer.’

United Kingdom, KCOM