8th Jul 2019 17:44
(Alliance News) - On Monday it was announced that Humber Bidco has increased its offer for KCOM Group PLC to beat the recommended offer from MEIF 6 Fibre Ltd.
Humber, a wholly owned subsidiary of Universities Superannuation Scheme Ltd, raised its offer to 108.5 pence per share from 97p per share, in a deal which values the telecommunications company at GBP566 million.
The new 108.5p price also represents a 0.5% increase over MEIF 6's 108p per share offer, which values KCOM at GBP563 million and is 11p higher than the original Humber bid.
KCOM originally recommended Humber's 97p per share cash offer, but withdrew the recommendation in the face of MEIF 6's higher bid.
Shares in KCOM closed down 1.1% at 113.00 pence on Monday in London.
Related Shares:
KCOM