Private equity giants Blackstone and BC Partners will today put in a joint bid for Birds Eye maker Iglo Group.
The combined offer is expected to be worth slightly less than the €2.8bn (£2.26bn) wanted by Iglo’s private equity owner, Permira.
If the offer is accepted, each bidder would take a 50% stake in the frozen food business. Blackstone and BC teamed up to avoid a bidding war after previously been seen as rivals for the company.
Earlier this year Birds Eye boss Martin Glenn vowed to stay on at the helm regardless of any change of ownership. But press reports suggest he could walk away from the company if an expected €30m windfall for his management team – due in the event of Birds Eye fetching €3bn – does not materialise.
If a sale is not concluded, Permira – which bought the group from Unilever in 2006 – would be forced to refinance Iglo’s debts of €1.4bn.