(Alliance News) - KCOM Group PLC on Monday proposed to adjourn the court meeting and the general meeting scheduled to be held on Thursday.
"A further announcement will be made following the conclusion of the auction procedure," the company said in its statement Monday.
Earlier on Monday it was announced that Humber Bidco had increased its offer for KCOM to beat the recommended offer from MEIF 6 Fibre Ltd.
Humber, a wholly owned subsidiary of Universities Superannuation Scheme Ltd, raised its offer to 108.5 pence per share from 97p per share, in a deal which values the telecommunications company at GBP566 million.
The new 108.5p price also represents a 0.5% increase over MEIF 6's 108p per share offer, which values KCOM at GBP563 million and is 11p higher than the original Humber bid.
KCOM originally recommended Humber's 97p per share cash offer, but withdrew the recommendation in the face of MEIF 6's higher bid.
In a separate statement Monday, KCOM said Sand Grove Capital Management LLP increased its holding in the company following a transaction on Friday last week.
Sand Grove upped its stake to 11%, having previously held 5.0% interest.
Shares in KCOM closed down 1.1% at 113.00 pence each on Monday in London.
