Private-equity firms Blackstone Group and BC Partners will not submit a revised offer for frozen food company Iglo Group after their initial bid was rejected by owner Permira.
The bid, said to be GBP2.5bn, was turned down this week because it came in under the price Permira wanted.
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Private-equity firm Permira had reportedly put a price tag of between EUR2.8bn (US$3.5bn) and EUR3bn on Iglo. It bought Iglo from Unilever for EUR1.7bn in 2006.
The decision by Blackstone and BC Partners not to come back with a higher offer leaves Permira with no other bids on the table.
Last month, “at least” four companies including 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.
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.
