Reuters – Blackstone, BC Partners Working on Iglo Bid

Private equity groups Blackstone and BC Partners are working on a higher offer after rival Permira rejected their 2.5 billion euro ($3.1 billion) bid for frozen foods maker Iglo Group as too low, people familiar with the situation said, according to a Reuters report Monday.

(Reuters) – Private equity groups Blackstone and BC Partners are working on a higher offer after rival Permira rejected their 2.5 billion euro ($3.1 billion) bid for frozen foods maker Iglo Group as too low, people familiar with the situation said.

Blackstone and BC Partners, the last two bidders in the hunt for the Birds Eye Fish Fingers maker, teamed up last week to table a final bid for the company.

But seller Permira rejected their offer as too low, people familiar with the sale process said.

The firm is now considering tapping financing markets to pay itself a dividend, those people added. (By Simon Meads)