TI Automotive, the auto fuel-systems maker owned by several hedge funds, delayed a vote on a $2 billion sale to Bain Capital Partners LLC as shareholders review a rival bid from Pamplona Capital Management LLP, people with knowledge of the matter said.
Pamplona’s offer is $11.53 a share, or about $115 million more than Bain’s, said one of the people, who asked not to be named because the talks are private. Closely held TI Automotive postponed a vote on Bain’s offer scheduled for Jan. 20 so management can weigh Pamplona’s bid, the people said.
The delay is the latest twist in months of sale talks between TI and Bain, the Boston-based private-equity firm that had walked away from talks in November only to resume discussions last month. The two sides were close to a deal until Pamplona came in with another bid, the people said.
Spokesmen for TI and Bain declined to comment. A representative for Pamplona didn’t respond to a message seeking comment left outside regular business hours.
TI, which once supplied fuel lines to Ford Motor Co.’s Model T, traces its roots to 1919. The company, chartered in Britain and headquartered in Auburn Hills, Michigan, generated about $3 billion in revenue in 2012, with more than one-fourth coming from North America, a spokesman for the company said previously. It has about $400 million in annual earnings before interest, taxes, depreciation and amortization, people familiar with the situation have said.
Pamplona is a London-based private equity firm that manages more than $6 billion in assets, according to its website.
Bain manages about $70 billion in assets, according to its website. Its investments include Texas-based specialty retailer Michaels Stores Inc. and German auto-parts maker FTE Automotive GmbH.
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