New offers in for ICBPI stakes
(28 May 2015 – Italy) Some of Istituto Centrale delle Banche Popolari SpA (ICBPI)’s shareholders are selling their stakes in the Italian banking services provider, with exclusive negotiations taking place.
It has been reported that CVC Capital Partners and Permira as well as counter-bidding group Advent International and Bain Capital put in a new offers for the bank on 27 May.
The selling shareholders, including Credito Valtellinese and Banco Popolare, are trying to get the highest possible price for the company without regulators vetoing the deal amid concerns over the amount of money borrowed by private-equity firms to buy it.
According to Bloomberg sources, CVC and Permira made two offers, one of €2.05 billion (A$2.8 billion), with half of it in debt, and a second of €2 billion, with 15 percent debt, according to the people.
The group refused to meet a request by the sellers to raise their first offer to €2.12 billion with half of it in debt, matching a proposal of Advent and Bain, which would have given CVC and Permira exclusivity, they said.
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