Jun 4, 2009
Offers for Safilo due today
Jun 4, 2009
Diesel glasses 2009, one of the brands developed by Safilo
MILAN, June 4 (Reuters) - One or more private equity funds will present offers for Italian eyewear maker Safilo SpA (SFLG.MI) on Friday 5 June, two sources close to the matter said.
Safilo chief executive Roberto Vedovotto said at the end of April he hoped talks between the company's main shareholder Only 3T and four private equity funds would reach a conclusion by the end of June.
"Yes, tomorrow the interested funds will present their offers," one of the sources said on Thursday 4 June. The sources gave no further detail.
There was not comment from Safilo nor the Tabacchi family, which controls Only 3T.
Newspapers have reported in the past few months that Apax, Bain Capital, CVC and PAI were in the running to take a stake.
A source close to the matter said last month two of the funds had dropped out, leaving only Bain Capital and Pai Partners. Another source close to the talks said discussions between Only 3T and all four funds were continuing.
Safilo's net debt reached 618 million euros ($876 million) at the end of March, up from 570 million at the end of 2008.
Shares were up 0.7 percent at 0.415 euro at 1420 GMT. (Reporting by Cristina Carlevaro and Massimo Gaia; Editing by Dan Lalor) ($1 = 0.7058 euro)
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