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From | Monday 8 July 2019

Auction procedure set to begin on 7 July and conclude on 12 July. kcom

Hull telecoms firm KCOM received an offer of 97p per share in April.

The buyer for Hull telecoms firm KCOM is set to be decided by auction.

In April, the Hull-based telecoms group's board received an offer of 97p per share, valuing the company at £504m, from Humber Bidco, a subsidiary of Universities Superannuation Scheme Ltd (USSL). 

A second offer was received in May from MEIF 6 Fibre, a wholly-owned indirect subsidiary of Macquarie European Infrastructure Fund 6 SCSp - an investment fund managed by Macquarie Infrastructure and Real Assets (Europe). The second bid represented an increase of 11 pence on the USSL offer, valuing the company at £563m. 

Now, The Takeover Panel has confirmed that to provide an orderly framework for the resolution of the situation, an auction procedure has been established. It is set to begin on 7 July and conclude on 12 July. 

Read the full story here.