Pursuits
KKR Drops Out of Race to Buy Air-Bag Maker That Caused World's Biggest Car Recall
- Takata to shortlist suitors by mid-November, people say
- Three of four bidders said to drop Japan bankruptcy option
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KKR & Co. has dropped out of the bidding for Takata Corp. as the troubled air-bag maker seeks to finalize a shortlist of suitors by mid-November, according to people familiar with the matter.
Representatives from the New York-based private equity firm weren’t present when automakers met last week with the bidders for Takata, said the people, who asked not to be identified because the deliberations were private. Autoliv Inc., Key Safety Systems Inc., Flex-N-Gate Corp. and Daicel Corp., bidding along with Bain Capital LP, were at the meetings held in New York, the people said. Takata plans to shortlist as many as three bidders for a final round of negotiations, one of the people said.