Germany: Suitors of the German insulation materials maker Armacell GmbH are poised to make second-round offers below the Euro500m price tag sought by its owner, Bahrain's Investcorp, according to Reuters.
The second round deadline was pushed back from 11 March 2013 as private equity firms Charterhouse, Pamplona Capital Management LLP and HgCapital were set to bid closer to Euro500m, according to bankers that spoke to the agency. The lower bids would reflect growth concerns regarding the target, whose sales amounted to Euro448m in 2011. There are even concerns that the deal, which is being handled by Barclays plc, could be cancelled completely if a reasonable valuation cannot be reached.
