One of the four bids for Spanish food and drink firm Cacaolat has reportedly been discarded by the court handling the sale of the company.

Reports in Spain said the Barcelona court overseeing the auction of Cacaolat had rejected an offer from Roures Reengineering, a venture between former Cacaolat executives and frozen-food company Maheso.

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The bid was said to be the lowest of the four tabled for Cacaolat last week. Spanish dairy processor Capsa, bottled water firm Vichy Catalan and a consortium including beer maker Damm, Coca-Cola bottler and private-equity firm Victory Corporate Turnaround are the other bidders.

Reports have said that Capsa has made the highest offer for Cacaolat, with a bid of EUR55m (US$74.3m). Capsa is also said to have offered to build a new production unit. 

The consortium including Damm, Cobega and Victory Corporate Turnaround is reported to have offered EUR40.5m.

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Reports have said that Vichy Catalan tabled a bid worth EUR36.8m. Its offer includes a plan for a new factory.

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A spokesperson for the Damm-led consortium said its bid stood out from the other offers. “The most important and differentiating issue from the other candidates is that we already have a factory where we can produce Cacaolat in Santa Coloma,” the spokesperson said.

The remaining three bidders can put forward new offers in the coming days, the spokesperson added.

Cacoalat is part of Nueva Rumasa, the Spanish conglomerate that fell into bankruptcy earlier this year with debts of EUR700m.