At least five private equity shops are planning to submit first-round bids for British frozen food retailer Iceland Foods, Reuters reported Wednesday. Names of the buyout shops were not released. Supermarket groups Asda, owned by retail giant Wal-Mart and Wm Morrison are also expected to bid for the 77% stake.
(Reuters) – At least five private equity firms are set to submit first-round non-binding offers for a 77 percent stake in British frozen food retailer Iceland Foods by Wednesday’s deadline, four people familiar with matter said.
Iceland Foods’ CEO and key investor Malcolm Walker is thinking about bidding for the company later in the process, with backing from pensions funds and sovereign wealth, three of the people said.
Supermarket groups Asda, owned by retail giant Wal-Mart and Wm Morrison are also expected to bid for the full stake, but would have to sell off some of the store to satisy competition authorities.
All of the parties either declined to comment or could not immediately be reached for comment.