UK - Pensions Insurance Corporation (PIC) has secured a seven-day extension to its bid to acquire telecoms group Telent and its £3bn (€4.3bn) pension scheme.
Edmund Truell's pensions buyout firm last month agreed a 600p a share deal with Telents's management, through a division known as Co-Investment No.5 LP Incorporated (CILP), for what is essentially a shell supporting the old General Electric Corporation pension fund.
But IPE understands PIC is now evaluating its options before having to make a decision by next Wednesday morning on whether or not to go ahead with its offer.
PIC sought the extension after the UK's Pension Regulator (TPR) intervened in the deal by appointing three independent trustees to the scheme - a move made after the pension fund trustees had raised concerns with TPR about the possible takeover.
In a different move, PIC, which bids for companies with pension schemes that have a large surplus, has increased its stake in British oven maker Aga Foodservices to 17.1%.
PIC upped its stake in the oven maker earlier this year from the 3% it took in July to an 8% investment in Aga.
Aga subsequently said it was reviewing the "strategic options" for funding its £791.9m (€1.16bn) pension scheme, when presenting the company's interim results last month.
Aga, which has valued its pension fund surplus at £73.4m, said at the time it had hired KMPG has been hired to consider the fund's options.
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