July 8, 2019 / 5:49 PM / 2 months ago

British pension fund USSL unit makes £566 million bid for KCOM in auction

(Reuters) - British pension fund Universities Superannuation Scheme Ltd said on Monday its Humber Bidco unit had bid 108.5 pence per share in an auction for KCOM Plc (KCOM.L), valuing the telecom network and cloud-based service provider at about 566 million pounds.

Britain’s takeover panel had decided to hold an auction for KCOM after Humber and Macquarie-backed MEIF 6 Fibre Ltd failed to make a final offer for the company.

Last month, KCOM ditched plans for a sale to Humber in favour of a higher offer from the Macquarie-backed firm, whose bid valued the company at 563 million pounds.

Reporting by Sangameswaran S in Bengaluru; Editing by Anil D'Silva

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