UK fashion retailer New Look auction collapse
Published July 3rd, 2007
UK fashion retailer New Look is exploring a refinancing after an auction of the company collapsed when its last two bidders withdrew from a sale process last night, sources close to the deal said on Tuesday.
Offers from private equity firms BC Partners and a team of TPG and Warburg Pincus fell short of the seller’s price tag of at least 1.8 billion pounds ($3.62 billion), the sources said.
Bids ranged from 1.5 billion pounds to 1.7 billion pounds, they added.
A recapitalisation of New Look had always been an option considered by private equity owners Permira [PERM.UL] and Apax [APAX.UL], but a sale had been the preferred route.
The two companies took the business private three years ago for 700 million pounds.
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