(Alliance News) - KCOM Group Ltd said Tuesday the unit of Australian investment bank Macquarie Group Ltd, attempting to buy the company, has upped its offer.
Macquarie European Infrastructure Fund 6 SCSp is now offering 109.5 pence in cash for KCOM. The increased price values KCOM at GBP571 million.
MEIF's new offer is 1.0p higher than the offer from a pension fund-backed by Humber Bidco Ltd.
Shares in KCOM closed 0.9% higher in London on Tuesday at 114.00p each.
The new offer is a 51% premium to KCOM's 72.5p closing share price on April 23, before KCOM's offer period began.
MEIF 6 is a wholly-owned indirect subsidiary of Macquarie European Infrastructure 6 SCSp, an investment fund managed by Macquarie Infrastructure & Real Assets Europe Ltd.
Humber, a wholly owned subsidiary of Universities Superannuation Scheme Ltd.
Originally, Humber offered 97p per KCOM share in April. This was then topped in early June by Macquarie Infrastructure, who offered 108p. Humber retaliated by upping its offer to 108.5p in July. Now Macquarie Infrastructure has re-taken the upper hand with its latest bid of 109.5p.