The KCOM takeover battle took a new turn after pension fund Universities Superannuation Scheme Ltd (USSL) increased its bid for the Hull-based telecoms service provider. USSL's initial offer of €504 million, or 97 pence per share, was recommended to shareholders in April, and KCOM's board said it was a "compelling opportunity." . But in June, Australian company Macquarie Infrastructure and Real Assets (MIRA) announced a broader offer of 109 pence, valuing KCOM at €563 million. A week-long auction is currently underway between the two entities and USSL struck first, offering €566 million. Whether MIRA will attempt to outbid the new offer remains to be seen. Speculation regarding an acquisition has intensified in recent months as a result of a major earnings warning issued last year, followed by a series of directional changes. Virgin Media was one of the contenders because the acquisition would allow it to enter a whole new market. BT and Virgin Media do not operate any telephone or broadband services in Hull due to KCOMs' historical advantage in the city. To renew its license in 1914, KCOM had to buy the local telephone infrastructure, while other regional telecom groups were absorbed into the General Post Office (GPO), which became BT. One key difference, apart from the white phone booths, is that KCOM has used FTTP (Fiber to the Premise) for its very high-speed implementation, rather than Openteach Fiber to the Cabinet (FTTC). This means large parts of the region have access to some of the fastest speeds in the UK, but critics say the company has a monopoly, even if it must provide wholesale access to its infrastructure. . KCOM must respect the proposed universal service obligation in Hull and East Yorkshire, with Openreach covering the rest of the country.