US: Rival bidder eyes Delphi wheel bearings
A second bidder has emerged for Delphi's wheel bearings business, a US paper reported.
A group of investors - including executives at Troy-based Tag Holdings and Illinois-based investment and consulting firm Baytree Investors - has bid on the business, composed mainly of a plant in Sandusky that employs 1,000 people, the Detroit Free Press (DFP) said.
The new bidder reportedly is offering as much as $75m for the business, and competes with an offer from private equity firm Resilience Capital Partners which offered to pay as much as $44.2m in a bid that Delphi supports.
The DFP said the new bidder is also offering employees a 20% ownership interest in the business ahead of an auction scheduled for 21 February 21 in Judge Robert Drain's US Bankruptcy Court in New York.