UK: Blackstone, BC Partners silent on "revised Iglo bid"
Blackstone and BC Partners are understood to be considering a higher bid for Iglo
Private-equity firms Blackstone Group and BC Partners have declined to comment on reports they are working on another bid for frozen food company Iglo Group.
The two private-equity groups reportedly this week had a bid rejected because it came in under the price Iglo owner, the private-equity firm Permira, wanted.
The two firms are now understood to be considering a revised bid for the company, according to Reuters.
Permira had put a price tag of between EUR2.8bn (US$3.5bn) and EUR3bn on Iglo, according to reports this week. The private-equity firm bought Iglo from Unilever for EUR1.7bn in 2006.
Neither Blackstone nor BC Capital would comment on the reports.
Last month, "at least" four companies including Blackstone, BC Partners, Bain Capital and Clayton Dubilier & Rice were understood to have submitted first round bids. Bain Capital and Clayton, Dubilier & Rice, however, were later reported to have not made it through to the next stage of the bidding process.
Iglo achieved EBITDA growth of 7% in 2011 to EUR325.8m (US$523.9m). Net sales grew 1.4% to EUR1.57bn.
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