Buyout firm PAI Partners has withdrawn from the auction to acquire Iglo, Europe's largest frozen foods company, people familiar with the matter said Friday, as Thai conglomerate Charoen Pokphand PCL (CPF.TH) comes back into the frame.
Charoen Pokphand, which previously looked at Iglo but didn’t submit a formal bid during the first round in the process, has returned to the auction, a person said, but it is seeking to team up with a private equity partner.
Charoen Pokphand, Thailand’s largest agribusiness company; Blackstone Group (BX); and BC Partners are in negotiations to buy Iglo and all have been looking at company data and watching management presentations from Iglo this week, people said.
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