Private-equity firms Blackstone Group and BC Partners have declined to comment on reports they have had their bid for frozen food company Iglo Group rejected.
The two private-equity groups, which were said to be rivals to buy the Birds Eye owner, were understood last week to have teamed up on a bid. However, Dow Jones this morning (25 June) reported that the bid had been rejected because it came in under the price buyout owner Permira wanted.
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According to the reports, Permira had put a price tag of between EUR2.8bn and EUR3bn on Iglo. The private equity firm bought Iglo from Unilever for EUR1.7bn in 2006.
Neither Blackstone nor BC Capital would comment on the reports and Permira did not return a call for comment.
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.
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Thai food manufacturer CP Foods was also reported to be interested in Iglo and was keen to expand the firm in Asia and Eastern Europe. However, the company insisted it had not launched a bid.
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By GlobalDataIglo achieved EBITDA growth of 7% in 2011 to EUR325.8m (US$523.9m). Net sales grew 1.4% to EUR1.57bn.
