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Mamut "tables Waterstone's bid" as deadline looms
13.05.11 | Lisa Campbell
Alexander Mamut has reportedly made a £43m offer for Waterstone's, as a 5pm deadline looms for bidders.
The Financial Times reports Mamut tabled the cash offer to HMV Group and its advisors Nomura. The bid is higher than the £35m he was speculated to be offering for the chain. None of the three parties would comment.
The Bookseller understands other parties include restructuring specialist GA Europe, who jointly handled the administration of BB&S in January. However, m.d. Gavin George told The Bookseller: "I cannot confirm or deny that."
Investment firm Change Capital Partners has been named in the press as another company interested in Waterstone’s, however the source told The Bookseller that the company is not involved. Other parties rumoured to be mulling a bid before today’s 5pm deadline are investment firm Sun Capital and restructuring company Hilco, which funded the ill-fated Borders buyout of 2009 through its Valco investment firm.
Mamut reportedly had exclusivity on talks to buy Waterstone’s for the asking price, rumoured to be around £70m, but lost it when he began “chipping away” at the sum, The Bookseller has been told.
HMV Group, Sun Capital and Hilco were unavailable for comment.