Source: Dow Jones Newswires
The auction for French canned seafood business MW Brands is moving toward the finish, with at least three final offers valued at Eur 650 million to Eur 700 million expected within the next week, people familiar with the matter said Tuesday.
Although the situation is still fluid, at least two trade bidders -Thai Union Frozen Products PCL (TUF.TH), the world’s third-largest canned seafood company; and Bolton Group., a European food and consumer goods company-and private equity firm Blackstone Group L.P. (BX) are expected to submit offers, these people said.
Other parties that initially expressed interest, including Korean seafood firm Dong Won Fisheries Inc. (030720.SE) and buyout firm Permira, are no longer in the auction, people familiar with the matter said.
MW Brands is owned by New York-based business Trilantic Partners, formerly the private equity arm of the now-defunct Lehman Brothers. Trilantic bought MW Brands from HJ Heinz (HNZ) for Eur 425 million in 2006.
UBS AG (UBS), which is advising Trilantic on the business, hasn’t ruled out an IPO for the business in Paris, if the price sought isn't high enough, people said.
MW Brands owns John West tuna, Petit Navire, Hyacinthe Parmentier and Mareblue.