Automotive components company Cooper-Standard Holdings could acquire rival auto parts supplier TI Automotive, which was recently subject to a billion-dollar private equity takeover bid, according to Reuters
A deal would value TI at around $2bn. Just last month the company was said to have delayed a prospective sale to private equity firm Bain Capital to allow shareholders to review a rival offer from Pamplona Capital Management.
Bain and Pamplona were first said to be interested back in 2011, with Cooper-Standard also reported to be subject to approaches from private equity giant Carlyle Group.
Cooper-Standard was formed in 2004, with the private equity-backed sale of Cooper Tire & Rubber Company’s automotive business, Cooper-Standard Automotive to Cypress Group. The company was previously up for sale in 2011, following a bankruptcy filing. It is currently owned by Silver Point Capital and Oak Hill Advisors.
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