Oberthur card business sees enthusiasm fall
Following Oberthur’s decision to put its smart card unit up for auction earlier this year, investor interest in the French company may be declining.
According to Dow Jones newswires, the deadline for the second round of bids is at the end of July, and current bidders are reconsidering their initial offerings.
During the first round of bidding, offers came in from Bain Capital, PAI Partners and Advent International. However, Dow Jones now reports Bain Capital has pulled out of the process while PAI Partners is still deciding whether or not to pursue its bid. It is unclear whether Advent International remains interested.
Rothschild is running the auction process for the company.
The sale of its smart card unit follows Oberthur’s failed bid for De La Rue at the end of 2010. According to industry reports, its management is understood to be keen to use the sale proceeds to fund another bid for De La Rue.