July 9, 2019 / 4:53 PM / 3 months ago

Macquarie-backed MEIF 6 Fibre makes higher bid in KCOM auction

July 9 (Reuters) - Macquarie-backed MEIF 6 Fibre Ltd said on Tuesday it had offered 109.5 pence in the second day of a five-day auction for KCOM Plc, topping a bid from a unit of British pension fund Universities Superannuation Scheme Ltd.

MEIF 6’s bid values the telecom network and cloud-based service provider at about 571 million pounds ($710.90 million).

On Monday, the British pension fund’s Humber Bidco unit bid 108.5 pence per share for KCOM.

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 KCOM. ($1 = 0.8032 pounds) (Reporting by Sangameswaran S in Bengaluru; Editing by Anil D’Silva)

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