KCOM opts for sale to Macquarie unit, drops USSL-backed bid

Telecom network and cloud-based service provider KCOM Plc has pulled its recommendation of a bid by British pension fund-backed Humber Bidco in favour of a higher offer backed by investment firm Macquarie’s European Infrastructure Fund, KCOM said on Monday.

The offer from Macquarie-backed MEIF 6 Fibre Limited amounts to 108 pence per share for KCOM, 11 pence higher than that submitted by Humber Bidco, owned by British pension fund Universities Superannuation Scheme Ltd (USSL), KCOM said.