UK - Pension Corporation makes play for telent Plc

Pension Corporation has made a 600p per share offer for telent, the only part of former industrial giant Marconi that remains independent. The deal represents a market capitalisation of £389m and has been recommended by telent's board. The trustees of the company's pension fund, however, have yet to approve the proposed offer which would see Pension Corporation acquiring the £3bn pension fund and possibly selling off the operating business. Fortress Investment tried to do the same thing with telent in mid-2006 but was scuppered by telent shareholder Polygon, the hedge fund.