Buyout firm Sun Capital Partners Ltd. emerged as the front-runner to acquire the Italian glass door manufacturer Vetrerie Riunite SpA from Italian private equity firms Opera SGR and Style Capital SGR SpA, Reuters reported, citing two people familiar with the deal.
Rival bidder VAM Investments SpA withdrew from the race after failing to receive a response from the company, one of the two sources told the news outlet.
VAM Investments submitted an offer in the Oct. 7 week, giving the company until Oct. 13 to accept the offer, according to the source. A VAM Investments spokesperson told Reuters that the firm will not pursue a deal with the company.
A second source close to Vetrerie shareholders told Reuters that the company is expecting binding offers from both Sun Capital and VAM Investments.
Alantra is serving as an adviser on the sale, according to the report.