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Permira has rejected a EUR2.5 billion bid (about $3.14 billion)for frozen food business Iglo from Blackstone Group (BX) and BC Partners because it came in under the price the buyout owner wanted, people familiar with the situation told Dow Jones Newswires on Monday.
Permira had put a price tag of between EUR2.8 billion and EUR3 billion on Iglo, the people added.
Permira bought Iglo from Unilever PLC (UL) for EUR1.7 billion in 2006 and, in July 2010, recombined its Birds Eye unit with Unilever's other frozen-food business, Findus Italy, in a GBP675 million deal. Earlier this year, it hired Credit Suisse Group AG (CS) to advise on a sale of the business.
Blackstone and BC Partners decided to team up on a joint bid last week after earlier having been in competition to buy the company, which makes frozen food in the Captain Birds Eye range, such as staples like fish fingers and the Bake to Perfection food range.
Rival buyout firm PAI Partners withdrew from the auction last month.
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