Pamplona is offering $11.53 per share for the auto fuel systems manufacturer, which is $115m more than the bid submitted by Bain, said Bloomberg, citing people with knowledge of the matter.
TI, which is backed by several hedge funds, was initially set to vote for Bain’s offer on January 20.
Bain resumed talks with the company last month after walking away from negotiations in November. The sides were nearing a deal when Pamplona submitted its rival offer, said the sources.
TI currently has earnings of $400m, according to the report. The company posted revenues of around $3bn last year.
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