July 4 (Reuters) - Britain’s takeover panel said on Thursday it will begin an auction for the sale of telecom network and cloud-based service provider KCOM Group Plc as its prospective buyers did not make a final offer.
Macquarie-backed MEIF 6 Fibre Limited had intended to offer 108 pence per share for the company in June, 11 pence higher than that submitted by Humber Bidco, owned by British pension fund Universities Superannuation Scheme Ltd (USSL).
MEIF had valued the company at 563 million pounds ($707.86 million).
The takeover panel said KCOM, Humber and MEIF 6 Fibre have agreed to the terms of the auction procedure, which is expected to start on July 7.
Started in 1899 as the telephone department in Hull Municipal Corporation, KCOM now offers managed network and cloud-based services across the United Kingdom. ($1 = 0.7954 pounds) (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Arun Koyyur)