Blackstone Withdraws from Haldiram's Bid
Private equity investor Blackstone has pulled out of the race to acquire a minority stake in Haldiram's snacks business due to valuation concerns, according to two sources with direct knowledge of the matter.
Rival bidder Temasek remains in the running to acquire a minority stake in the business, said a third source with direct knowledge of discussions.
Blackstone had spent seven months on the deal, but there is "no turning back" now from a decision to end talks.
Haldiram's holds a near 13% share of India's $6.2 billion savory snacks market, estimated by Euromonitor International, making its snacks business a desirable asset for foreign investors.
Author's summary: Blackstone exits Haldiram's bid due to valuation concerns.