26 September 2013 16:58 [Source: ICIS news]
LONDON (ICIS)--The Commercial Court of Lyon on Thursday said the three parties which have submitted bids to acquire KEM ONE SAS, the upstream business of French vinyls producer KEM ONE, will be given two months to allow the candidates time to prepare for the acquisition, KEM ONE said.
Earlier in the month, KEM ONE SAS's court-appointed receiver Maitre Bruno Sapin announced bids had been received from private equity firm Sun European Partners - an affiliate of US firm Sun Capital Partners - private buy-out investor OpenGate Capital, and French trade union CGT (Confederation generale du travail) as of the 19 September extended deadline.
The court said because all three bids are based on a business continuity plan, it has agreed to the extension to an observation period, to allow candidates time to firm up bids and for consultation with KEM ONE SAS’s creditors.
“The final offers, which concern the entire KEM ONE group, will be examined at a further court hearing to be held on 12 December 2013,” KEM ONE said.
“The financing of this step was rendered possible due to higher than forecast sales during the observation period,” it added.
“This further extension of more than two months will be used by the candidates to prepare for the acquisition, with the help of the main parties concerned by the takeover of KEM ONE,” the company said.
According to KEM ONE, the bids encompass all of the KEM ONE SAS’s operations, including 1,300 employees and seven locations in France, including its Lyon headquarters, and industrial sites in Balan, Saint-Fons, Saint-Auban, Berre, Fos-sur-Mer, Lavera and Vauvert.
Additional reporting by Tom Brown
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