Iceland bidders due to make offers this week

Click to follow
The Independent Online

Final bids for Iceland Foods, the frozen food retailer that is up for sale for up to £1.5bn, are due in on Tuesday. Four bidders, the grocer Morrisons and three private equity firms, were still busy in the data room this weekend.

The private equity firms – Bain Capital, Blackstone and BC Partners – are each thought to have lined up eight banks to finance their second-round bids. However, Iceland's chief executive, Malcolm Walker, who along with its management team owns 23 per cent of the retail group, has pre-emption rights to match any final bid.