The company, which is backed by Bahrain-based buyout house Investcorp, still has several private equity suitors including Charterhouse, HgCapital and Pamplona according to Reuters, which cited banking sources.
Final bids for the company are expected in mid-March and could see it valued at up to €500m.
Investcorp hired Barclays to arrange the long-mooted sale in October 2012, with the firm hoping to complete an exit by the end of the first quarter of this year.
The firm bought Armacell for an undisclosed amount in 2006. Reuters cited Thompson Reuters LPC data which said the deal was backed by €382.5m of debt.
Armacell’s products are mainly based on polyethylene technologies and elastomerics, its core market segment, which commands a global market share of close to 50 per cent – more than twice the size of its closest competitor.
The company spun out of Armstrong World Industries in 2000 and today has operations in the US, South America, Central and Eastern Europe, Russia and Asia.
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