As many as four separate bids are expected to be submitted tomorrow for bankrupt Delphi, including billionaire investor Carl Icahn, a US newspaper said on Thursday.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
A person close to the auction process told The New York Post that two car parts makers, as well as the Icahn-controlled Federal-Mogul, were completing their final due diligence on Delphi.
But Dow Jones, citing a person familiar with the matter, said Federal-Mogul would not make a last-minute bid, contrary to other media reports.
Private-equity firm Appaloosa Management, which in 2008 pulled a US$2.55bn offer for Delphi, is also a possible contender, the NY Post source said.
The paper said all four potential suitors, which “may” submit offers by tomorrow’s deadline, were interested only in pieces of Delphi, a main supplier (and once part of) now government-controlled General Motors.
The offers must beat that of Los Angeles private-equity firm Platinum Equity Partners, which prevailed in an earlier auction of the company but was stymied when a bankruptcy court judge cast open the auction process again amid complaints from bondholders.
Three people familiar with the situation had earlier told Reuters on Tuesday that Federal-Mogul was readying a renewed bid for the assets of Delphi.
