Blackstone working on higher Gates offer for Onex, CPPIB - Reuters
Blackstone Group LP is working on a higher takeover bid for industrial conglomerate Gates Global Inc after its previous offer of US$5.5 billion was turned down by Gates' owners, people familiar with the matter told Reuters. Blackstone, which submitted its binding offer in partnership with TPG Capital LP, is in negotiations with Gates' owners — Onex Corp and the Canada Pension Plan Investment Board — about raising its bid to clinch a deal for the auto parts and building products maker. If final terms are agreed, a deal for Gates could come in the next two weeks. Previously known as Tomkins Plc, Gates was taken private for US$5 billion in 2010.
19 March 2014•2 mins read
