2 Equity Firms Said to Win Neiman Marcus Bidding
From Reuters
Luxury retailer Neiman Marcus Group Inc. has neared an agreement to be acquired by two private equity firms for about $5 billion, sources familiar with the situation said Sunday.
Buyout firms Texas Pacific Group and Warburg Pincus won the auction with a bid that valued the Dallas-based department store chain at about $100 a share, sources said.
The other bidders included the team of Bain Capital and Kohlberg Kravis Roberts & Co., and a group that included the Blackstone Group and Thomas H. Lee Partners, sources said.
Another team could return with an offer, one source said.
Texas Pacific, KKR and Blackstone declined to comment. Neiman Marcus, Warburg Pincus, Bain Capital and Thomas H. Lee could not be immediately reached for comment.
