The private equity owners of human resources software business Kronos have reportedly rejected buyout bids valuing the company at more than $4.5bn.
Advent International, Blackstone and Bain Capital made binding offers last week according to Reuters, which cited people familiar with the matter.
But they added that owners Hellman & Friedman and JMI Equity rejected the advances by telling the firms the offers were too low, and offered the interested parties a minority stake instead.
That offer has also been rejected, the people added.
Kronos currently boasts EBITDA of around $350m. Buyout firms said to be interested include KKR, TPG Capital and Bain Capital.
Hellman & Friedman and JMI have extracted dividends of over $1.5bn over their six-year ownership according to a previous Reuters report, having invested only $753m in equity.
Kronos arranged a $490m dividend recapitalization three months ago.
JMI Equity raised its largest fund to date in 2010, netting $875m from investors for its seventh fund and exceeding its $800m target.
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