Three private equity firms have been offered a £300-400 million stake in the planned acquisition of bank note printer, De La Rue, by Oberthur Technologies, Financial Times reports. Oberthur may issue a convertible bond, in which the debt would be converted to equity when the deal is completed.
The buyout firms that have been approached may include KKR, BC Partners and TPG, adds The Telegraph. Oberthur had offered £895 million for the takeover in December 2010, which was rejected and the company has been given a deadline of Feb. 7, 2011 to make a formal bid.
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