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Report: Carlyle, Pacific Equity to make joint takeover bid for Arnott's

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Report: Carlyle, Pacific Equity to make joint takeover bid for Arnott's

Australian private equity firm Pacific Equity Partners and global asset manager Carlyle Group LP are joining forces to bid for Arnott's Biscuits Ltd., The Australian Financial Review's Street Talk blog reported, citing unnamed sources.

The partners reportedly were expected to make an indicative buyout offer Dec. 20, the due date of the first round of proposal letters. Campbell International Inc., a unit of food and beverage company Campbell Soup Co., reportedly expects the auction to bring in more than A$2 billion.

Goldman Sachs' Australian office was tapped to conduct the auction for Arnott's and is likely to short-list the prospective buyers over the Christmas break, with second-stage diligence scheduled for early 2019.

The rival bidders include private equity firm Affinity Equity Partners, as well as Kraft, Mondelez International Inc. and Ferrero SpA, according to the report.