Kingston Comms Confirms Approach

Today, US private equity firm Carlyle has emerged as the mystery bidder for the Hull-based telecoms group, Kingston Communcations.

Sources close to the possible deal said talks were at a very early stage.

Kingston, in which Hull City Council has a 30.6% stake, said yesterday that the move could lead to an offer that would have conditions attached. The offer from Carlyle is believed to be worth up to 85p a share, valuing Kingston at £437m.

Kingston Communications said yesterday that that it has noted the recent press speculation and movement in the company’s share price. The Directors confirm that the Company has received an approach that may or may not lead to an offer for Kingston Communications.

The approach contains a number of conditions and pre-conditions which are being considered by the Board. The Directors emphasised that these discussions are conceptual in nature and that there can be no certainty that they will lead to any definitive agreement concerning any transaction.