The chief executive of Telent yesterday insisted that there are no alternative offers to Fortress Investment Group's agreed offer for the telecoms services company that was formerly part of Marconi.
"This is a fair offer and the only offer on the table today," said Mike Parton. "There is no other proposal for shareholders to consider, whatever you may have read in the press.
"We have talked to anyone who might be interested in this company with this pension fund. If there was somebody out there why would they not have put their head above the parapet before now."
Mr Parton was speaking after Telent, the rump of former British telecoms equipment company Marconi, which was bought by Sweden's E ricsson last year for £1.2 billion, said that it would not delay an extraordinary general meeting on August 4.
The EGM is to approve an agreed takeover offer from US-based Fortress Investment Group of 529 1/2p cash per Telent share, valuing the firm at nearly £350 million.
However, rival hedge fund company Polygon, which has a 23.9 per cent stake in Telent, has threatened to block the deal as it believes there is more value in Telent.
Mr Parton said the disagreement about how much Telent is worth centres around the company's £2.7 billion pension fund.
The pension fund regulator only agreed to the Ericsson acquisition of Marconi because Telent set aside £490 million in an escrow account to cover future pension fund costs, such as work-ers living longer.
However, Polygon is arguing that extra cash could be released to shareholders after Telent is sold, according to Mr Parton.
He said Telent was unable to withdraw money from the escrow account and claimed that Polygon had not spoken to its pension trustees or pension regulators.
"We are pretty convinced that there there will be no cash release from the escrow account in the medium-term, if ever, and that is the major point of difference on the valuation," he said.
"Pension trustees have made it absolutely clear that money will not be released from the escrow account and they are the only ones who can."
Polygon was not available for comment.