Deals

Abu Dhabi Firm Challenges Cerberus Bid for Abraaj Unit

ADFG new $55 million offer would top $25 million from Cerberus
Abraaj’s liquidators are weighing offers in restructuring

Bloomberg’s Tracy Alloway reports on the bids for Abraaj Group’s funds.(Source: Bloomberg)

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By Dinesh Nair, Matthew Martin, Tracy Alloway, and Archana Narayanan

July 17, 2018 at 11:56 AM UTC

Updated on

July 18, 2018 at 5:33 AM UTC

This article is for subscribers only.

A unit of Abu Dhabi Financial Group has made a fresh, $55 million offer for the rights to manage Abraaj Group’s funds, challenging a bid from Cerberus Capital Management LP, according to people familiar with the matter.

Abu Dhabi Capital Management told Abraaj’s liquidators it would pay $30 million to buy the rights to manage Abraaj’s funds and $25 million to cover the company’s costs and end-of-service payments for employees, the people said, asking not to be identified as the information is private. Cerberus had bid a total of about $25 million, people familiar with the matter said previously.