Private equity-backed private Rexnord has reportedly ended its sale process after bids for the transmissions components supplier fell short of expectations.
Rexnord is now telling suitors that it has abandoned the sale process, said Bloomberg, citing people familiar with the matter.
The business, which is majority owned by private equity firm Apollo Global Management, has drawn attention from other buyout firms and strategic buyers such as Watts Water Technologies.
Earlier this year Rexnord hired Goldman Sachs to advise on strategic options. In March it was reported that it had worked with Deutsche Bank on the review.
Apollo buyout Rexnord for $1.83bn from fellow private equity firm Carlyle in 2006 and floated it six years later, raising $490m.
Shares in the Milwaukee-based company dropped three per cent to $17.69 per share on the New York Stock Exchange yesterday, giving it a market cap of $1.7bn.
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