Cerberus Capital Management LP has pulled out of the bidding process for Abraaj Group’s asset-management platform after its offer was rejected by investors of the embattled Dubai-based private equity firm, according to people familiar with the matter.
Cerberus, whose offer of about $25 million for the rights to manage the platform was the lowest among several bidders, walked away from the process on Friday, the people said, asking not to be identified as the matter is private.
