Hull-based operator Kcom Group has received a new cash offer worth GBP 563 million from Meif 6 Fibre Limited, owned by the Macquarie Europe Infrastructure Fund. The bid, at 108 pence in cash, beats a previous offer of 97 pence, or a total of GBP 504 million, made by Universities Superannuation Scheme (USSL), corporate trustee of one of the UK's largest private sector pension funds.
Although the Kcom board recommended that offer to its shareholders, it said it will now recommend the superior offer, which represents a premium of 49 percent to the Kcom share closing price of 72.5 pence on 23 April, the last business day before the offer period started.
The latest acquisition offer will have to be approved by Kcom shareholders and pass the usual terms and conditions.
