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Buyout houses bid for Iceland Thursday, 2nd February 2012
Two private equity firms have placed bids for Iceland foods in an auction that the vendors hope will value the frozen food chain at £1.5 billion.
The bids from BC Partners and Bain Capital have been described as “aggressive”. It is not yet known if Morrisons is still in the running.
Malcolm Walker, Iceland Foods chief executive, now has 42 days to match the highest bid under the shareholder agreement.
Walker and other managers control 23 per cent of the business. Failed Icelandic banks Landsbanki and Glitnir are selling off the remaining 77 per cent.