Tuesday, 07 August 2012 21:08

DuPont Performance Coatings Gets Offer from Carlyle Group

The Carlyle Group has emerged as the top bidder in the race to acquire DuPont's auto paint business, according to recent media reports. The reports differ on the value of the deal, but place the purchase price between $4.5 and $5 billion.

The Carlyle Group is acquiring in the automotive aftermarket, purchasing U.S. based Service King Collision Repair Centers and compressor manufacturer Sullair Corporation in the last few weeks.

Citing an unnamed source, the Post says Carlyle is offering about eight times earnings before interest, depreciation, taxes and amortization, which is a bit higher than DuPont had been expecting.

Competing bids were submitted by Apollo Management, Blackstone and KKR.

Citing three sources familiar with the deal, Reuters reports that Carlyle made the highest bid for the DuPont unit and while Apollo still remains in contention. The report said Apollo does not plan to raise its offer, leaving Carlyle as the most likely buyer.

KKR & Co LP and Onex Corp, which had teamed up to submit an offer have already dropped out of the race, Reuters reports.

Representatives of DuPont, Apollo, KKR and Onex did not respond to Reuters' requests for comment and Carlyle declined to comment.

 

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