Iceland Foods, the UK frozen food retailer, has reportedly attracted bids from private-equity houses BC Partners and Bain Capital.
The separate bids have been described as “aggressive” by unnamed sources, Reuters reported on Wednesday (1 February).
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BC Partners declined to comment when contacted by just-food. Officials at Bain Capital could not be reached for immediate comment.
Failed Icelandic banks Landsbanki and Glitnir are selling their stakes in Iceland. The shareholdings equate to 77% of the retailer.
Iceland founder and chief executive Malcolm Walker owns, along with the retailer’s management, the other 23% of the business. Walker can buy Iceland if, within 42 days of a final offer becoming unconditional, he matches the bid.
It was reported in 2010 that Walker had a GBP1bn bid for Iceland turned down.
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By GlobalDataAccording to The Independent, BC and Bain are thought to be the only two parties to have tabled second-round bids. Morrisons, which was understood to be looking at buying Iceland, has pulled out of the running but remains interested in picking up any stores that could become available after the sale, the newspaper said. Asda is also understood to be interested in looking at any stores that come up for sale in the wake of the takeover.
