KCOM receives £563m bid from Macquire

KCOM has announced a higher takeover bid for the company from Macquire Infrastructure worth £563m.

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The Hull-based telecommunications provider in April had agreed to a £504 million acquisition offer from Humber Bidco, a subsidiary of the Universities Superannuation Scheme.

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However KCOM is now withdrawing its recommendation for USS in favour of the offer from Macquarie.

A statement said: “In evaluating the MIRA Offer, the board of KCOM has considered various aspects of the MIRA Offer and considers the MIRA Offer to represent a superior offer for KCOM’s shareholders as compared to the USS Offer.”

KCOM said that Macquarie offered 108 pence per share, 11p higher than the offer from USS.