Bahrain-based private equity firm Investcorp has pulled the sale of its German insulation firm Armacell and may instead refinance the company's debt and pay itself a dividend, bankers said.
It emerged last month that potential buyers Charterhouse, HgCapital and Pamplona were likely to submit bids around 100 million euros lower than the 500 million euro ($642 million) price tag.
Charterhouse and Pamplona, which ended up submitting bids of around 400 million euros, were informed last week that these were too low and the company would not be sold, bankers said.
Read more: http://www.arabianbusiness.com/bahrain-s-investcorp-pulls-armacell-unit-sale-496440.html
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