KCOM Group PLC has decided not to sell to Humber Bidco, a British pension fund managed by Universities Superannuation Scheme (USSL), in favor of a higher bid backed by Macquarie European Infrastructure Fund (MEIF), according to Reuters.
In April, Bidco agreed to purchase KCOM, a leading provider of IT and communications solutions to consumers and businesses across the United Kingdom, for £504 million ($636 million). Teleios Capital, KCOM’s largest investor, had agreed to back the offer.
The new £563 million ($707 million) MEIF offer represents a 49 percent premium to KCOM’s April 23 cash closing price. The offer values KCOM at 108 pence per share ($1.35 per share), ahead of 97 pence per share ($1.22 per share) of Bidco’s offer.
The €1.5 billion ($1.7 billion) MEIF investment fund invests in infrastructure and related businesses located in European OECD countries.