Pension Corp, whose bid for Telent went unconditional as to acceptances yesterday, said that the pensions regulator has confirmed its order to appoint three trustees of the company’s UK pension scheme, a breach of one of the offer conditions.
Pensions buy-out venture Pension Corp said on October 31 that this breach may be invoked by it to lapse the offer.
In a statement this morning, bid vehicle Co-Investment Number 5 LP said that it is continuing in talks with the regulator to seek a satisfactory resolution and that if no such resolution is reached by November 28 then it will allow the offer to lapse.
The regulator exercised its powers to install the trustees on the board of the Telent fund on Oct 19 as a measure to safeguard the pensions of those covered by it.
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