The race to buy tinned tuna giant Princes is nearing its end with two bidders remaining in the auction.
Italian food manufacturer Newlat and private equity firm Epiris are the final contenders for the tinned food firm, after fighting off competition from Texas-based private equity firm Lone Star Funds and financial investor One Rock Capital Partners, reported Sky News.
However, it is unclear whether either of the remaining parties will pay the £400m asking price that Princes owner, Japanese conglomerate Mitsubishi Corporation, is thought to be seeking. Investment bank Houlihan Lokey is running the sale.
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Mitsubishi had attempted to offload Princes, which produces soft drinks as well as tinned fish and fruits, earlier this year but it failed to attract bids at its asking price.
Princes is one of the UK’s biggest food manufacturers and, despite sales falling last year, revenues make up close to £1.5bn per year.
Epiris declined to comment, while Newlat could not be reached for comment by Sky News.
