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Bormioli: invitation for bids sent out

Private equity funds and other interested parties were officially invited on 10 February 2006 to tender for Italian glassware and container producer Bormioli. It has been rumoured for some time that B…

Private equity funds and other interested parties were officially invited on 10 February 2006 to tender for Italian glassware and container producer Bormioli. It has been rumoured for some time that Banca Popolare Italiana (BPI), indirect owner of the glass group, was seeking to divest Bormioli, and various parties had approached the bank in the last few months about a sale. The sale will be run by merchant bank Efibanca, also part of the BPI group. In the letter to bidders, Efibanca gave notice of the main deadlines: end-February for the signing of the confidentiality letter and mid-March 2006 for the receipt of non-binding offers. Efibanca will then draw up a short list of bidders and exclusive negotiations will be opened with one party from the list. The main obstacle at present seems to be the price: according to unofficial sources, Efibanca has let it be known that it values Bormioli at EUR 350 million for the equity alone. If debt is added, the value of the firm could rise to EUR 450 – 480 million, a figure which is 8 times the firm“s gross operating profit.

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