Istithmar Postpones ISS Sale After Drawn-out Process - Source - WSJ.com

Istithmar, part of Dubai's sovereign wealth fund, has postponed the sale of Inchcape Shipping Services, a person familiar with the situation told Dow Jones Newswires Thursday.

The decision comes after a long drawn out process that frustrated bidders because of confusing and limited due diligence, people said. In particular, bidders weren't provided with adequate information as part of the due diligence process, people said.

Final bids were initially expected from five bidders before a May 28 deadline but Carlyle Group L.P.; General Atlantic LLC; and Canadian pension fund Omers all dropped out of the process. London-based CVC Capital Partners and Cinven Group were the only remaining bidders.

Istithmar hired Bank of America Merrill Lynch (BAC) and Royal Bank of Scotland PLC (RBS) to run the sale.

The port and shipping agent was expected to fetch as much as GBP800 million but the company is now reviewing its strategic options, one person said.