Oberthur brings in Bain Capital

Oberthur Technologies, the French group whose £895million approach was turned down by De La Rue last month, has teamed up with the private equity firm Bain Capital to lift its bid for the troubled banknote printer.

Bain is believed to have offered support in the event that Oberthur, which faces a Takeover Panel-imposed "put-up or shut-up" deadline for the beginning of next month, wins the backing of the De La Rue board.

Bain's involvement is the latest turn in the bid saga that has seen Oberthur clashing with De La Rue over the status of its customer relationships.