By Jessica Hodgson
LONDON--Buyout groups Blackstone Group (BX) and BC Partners are working on a revised offer for European frozen food group Iglo, after their initial approach was rejected by Iglo's owner, Permira, a person familiar with the matter said Tuesday.
Permira rejected a bid valuing Iglo, Europe's largest branded frozen foods business, at around EUR2.5 billion, people familiar with the matter previously told Dow Jones Newswires, because it came in below the price Permira wanted. They stressed that Permira wasn't under pressure to sell the company immediately and had other alternatives if it didn't get the required price.
The person didn't provide information about what the revised offer would value the company at.
Permira bought Iglo from Unilever PLC (UL) for EUR1.7 billion in 2006 and, in July 2010, recombined its Birds Eye unit with Unilever's other frozen-food business, Findus Italy, in a GBP675 million deal. Earlier this year it hired Credit Suisse Group AG (CS) to advise on a sale of the business.
Blackstone and BC Partners decided to team up on a joint bid last week after earlier having been in competition to buy the company, which makes frozen food in the Captain Birds Eye range, such as staples like fish fingers and the Bake to Perfection food range.
Rival buyout firm PAI Partners withdrew from the auction last month while Thai food group Charoen Pokphand PCL (CPF.TH) was also interested in parts of the company. It didn't submit a formal bid.
-Write to jessica.hodgson@dowjones.com
(Marietta Cauchi in London contributed to this report.)
(END) Dow Jones Newswires
June 26, 2012 05:50 ET (09:50 GMT)
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