Five private equity groups, including TPG Capital, Blackstone Group and BC Partners, have submitted their first-round bids for frozen-food business Iceland Foods, Financial Times reports. The frozen food specialist has been put up for sale by its majority Icelandic owners. The initial offers have pegged the value of the company at between £1.3 billion and £1.5 billion.
Supermarkets Wm Morrison and Asda have also shown interest in the frozen-food business. The retailers would need to sell off more than 20 percent of Iceland Foods stores for compliance with competition rules.
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