Two of the private-equity firms that reportedly tabled bids for frozen food giant Iglo Group are said to have not progressed to the second round of the auction.
Bain Capital and Clayton, Dubilier & Rice have not made it through to the next stage of the bidding process, a report from Dow Jones Newswires said today (18 May).
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Officials at Bain Capital and CD&R could not be reached at the time of writing.
Three other private-equity bidders – BC Partners, Blackstone and PAI Partners – remain in the race for Iglo, which is owned by buy-out house Permira.
Thai food giant CP Foods, which told just-food this week it had not tabled an offer but was studying its options, is still interested in Iglo, Dow Jones reported.
Permira has hired Credit Suisse to run the auction, which the newswire said, values the Birds Eye owner at EUR2.5-2.6bn (US$3.18-3.3bn).
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