Three bidders remain for AvW's stake in Austrian Binder+Co.
There are only three binding offers for the 29% stake of insolvent Austrian investment group AvW in local glass processing and packaging machinery producer Binder+Co AG (WBAG:BIND), AvW's insolvency administrators Ernst Malleg and Gerhard Brandl told APA news agency.
As a whole six parties, including restructuring specialist Erhard Grossnigg, have expressed their interest in the stake but three of them have proposed a price lower than the minimum level of EUR13.1m (USD18m), or EUR12 per share. The administrators did not name the remaining bidders.
The auction will be held on 11 November.Country: Austria, Sector: Machinery/EngineeringTarget: Binder+Co AGVendor: AvW Gruppe AGType: StakebuildingStatus: Bidding