The price for KCOM has risen again, as telecoms investor Macquarie returned with a £571m bid for the broadband provider.
On day two of a week-long auction to decide on KCOM’s buyer, Macquarie’s offer represented 109.5p per share – one pence higher than rival bidder USS’ bid on Monday.
The two firms are currently locked in a battle for KCOM, with the auction set to conclude on Friday, providing both companies are still in the running.
A statement released on the Stock Exchange said of the new bid from Macquarie: “Following the conclusion of Auction Day 2, MEIF 6 Fibre is pleased to announce the terms of a revised increased cash offer for the entire issued and to be issued share capital of KCOM.
“The acquisition represents an increase of one pence to the USS offer of 108.5p per KCOM share.
“It also offers an aggregate value of £571m for KCOM…”
Going into the week-long auction, Macquarie held the highest bid for KCOM, at £563m.
However, by the end of Monday, its offer had been trumped by rival firm USS (Universities Superannuation Scheme).
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USS offered £566m - £3m more than Macquarie’s previous bid.
With three days to go until the end of the auction however, Macquarie has edged back ahead in the race for the Hull tech giant.
It remains to be seen whether USS will return on Wednesday to match or raise the new £571m offer.
The new bid was technically tabled by a subsidiary of Macquarie Infrastructure and Real Assets (MIRA).
MIRA is one of the world’s biggest asset managers, and handles over €110bn of assets across the globe.
More importantly though, it is a major investor and owner of telecommunications infrastructure.
MIRA manages assets ranging from fibre and cable broadband networks, broadband infrastructure, secure mobile networks, pay-TV and mobile towers.
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It supplies infrastructure used by all of the 海角视频’s major broadcasters and mobile network providers, and also owns telecoms and internet firms in Denmark and Poland.
KCOM has also released a statement on its upcoming EGM (extraordinary general meeting), due to be held on Thursday.
Shareholders were set to consider Macquarie’s earlier offer of £563m, which is now outdated.
KCOM said: “The board of directors of KCOM has consequently announced that the Court Meeting and General Meeting each of which were due to take place on Thursday, July 11 relating to the offer by MEIF 6 Fibre Limited (Macquarie) to acquire KCOM, will be opened and immediately adjourned until the auction process has concluded.
“This means that no voting will take place at the meetings. Shareholders do not need to take any action at this time and further information will be made available to them in due course.”