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Three bidders remain for AvW's stake in Austrian Binder+Co.

MANews-(C)2009-2010

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

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Publication:M & A Navigator
Geographic Code:4EUAU
Date:Nov 10, 2010
Words:111
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