AXA Private Equity raises Elior bid by €250m


paris5_sqAXA Private Equity has reportedly upped its offer for French caterer Elior by €250m after negotiations hit an impasse.

The private equity firm is looking to buy a minority stake in Elior in a deal that would value the company at €3.7bn, which is close to the asking price of €4bn, said French newspaper Les Echoes.

Elior is currently majority owned by private equity firm Charterhouse Capital. The firm and minority shareholder Chequers Capital would retain a 51 per cent stake under the terms of the offer.

Joint private equity bidders CVC Capital Partners and BC Partners have also sweetened their offer, which now values Elior at €3.5bn, but talks with the company have stalled.

Charterhouse, which holds a 62.3 per cent stake after buying Elior for €2.5bn in 2006, has considered floating the company if no bidder agrees to match the asking price, according to the FT.

Copyright © 2013 AltAssets