July 8, 2019 / 5:44 PM / 3 months ago

British pension fund USSL unit makes 566 mln stg bid for KCOM in auction

July 8 (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 , valuing the telecom network and cloud-based service provider at about 566 million pounds ($708.52 million).

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. ($1 = 0.7988 pounds) (Reporting by Sangameswaran S in Bengaluru; Editing by Anil D’Silva)

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