LONDON, March 18 (Reuters) – Bahrain-based private equity firm Investcorp’s sale of Armacell is under threat as bids for the German insulation firm are due to come in lower than its 500 million euro ($653.30 million) price tag, bankers said on Monday.
Second-round bids in the Barclays -run sale process were due on March 11 but delayed after it emerged that potential buyers Charterhouse, HgCapital and Pamplona were likely to submit bids closer to 400 million euros, according to the bankers.
The transaction could now be scrapped altogether, they added. Investcorp declined to comment.
Armacell could add to a growing list of stalled sales during the eurozone crisis, including German measuring and materials handling equipment maker Schenck Process, which was pulled last year after owner IK Investment Partners deemed two offers for the business too low.
Read more…
Investcorp struggling to sell Armacell amid lower bids
