The pension scheme buyout venture led by Edmund Truell, has secured a seven-day delay to its bid to acquire telecoms group Telent and its £3bn (€4.4bn) retirement fund after the UK's Pensions Regulator last week took the unprecedented step of intervening in the deal.

Pensions Corporation's offer period had been due to close at 1pm yesterday, October 23, but in a statement this morning the buyers said the Takeover Panel has agreed to delay this until 8am on October 31, in order to allow time to clarify the implications of the UK Pensions Regulator's action.