Thu, 20 Oct 2011 | BUSINESS SALE
Iceland Food’s majority owners have put a 77 per cent stake in the supermarket up for sale for £1.5 billion.
The sale of the frozen food retail giant attracted several first-round bids from supermarkets and private equity firms by yesterday’s deadline. It is understood that supermarkets Wm Morrison and Asda put in bids, and that rival frozen foods company Farmfoods may have put in a bid.
Bain, Blackstone, BC Partners and TPG were amongst the private equity firms who also put in bids. It is anticipated that more similar firms could enter the race later on, after the first round.
Iceland Foods’ founder and chief executive Malcolm Walker, with management, owns 23 per cent of the business, and has not put in a first round bid.
He offered to pay £1 billion for the firm one year ago and is understood not to want to pay any more than that. He has the right to match any offer made to buy the company.
If the winning bid comes from one of the four big supermarkets, it would have to satisfy competition rulings by selling off about 20 per cent of Iceland Foods.
Read our previous story on the potential sale of Iceland.
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