Private equity firms to up ante for Iglo
Private equity groups Blackstone and BC Partners are working on a higher offer for frozen foods maker Iglo Group after rival Permira rejected their EUR 2.5 billion (USD 3.1 billion) bid as too low, people familiar with the situation said.
Blackstone and BC, the last two bidders in the hunt for the Birds Eye fish fingers maker, teamed up last week to table a final bid for the company.
By joining forces for what would be Europe’s largest private equity buyout of the year, the two firms were seeking to share the large equity investment and put pressure on Permira to accept a lower price.
But Permira rejected the offer as too low, people familiar with the sale said, and is now considering a debt refinancing to raise funds that would allow it to pay itself a dividend, those people added.