Bidders emerge for Abraaj's investment business -sources | Reuters:
Several potential buyers have emerged for Middle East buyout firm Abraaj’s investment management business as a revised offer from previous frontrunner Colony Capital was rejected, say sources familiar with the matter. The bids by Cerberus Capital Management, York Capital Management and Abu Dhabi Financial Group (ADFG) will be considered by Dubai-based Abraaj’s newly-appointed liquidation committee, which was established this week to help steer the company’s future, said the sources.
Abraaj filed for provisional liquidation in the Cayman Islands last month after months of turmoil at the Middle East and Africa’s largest private equity firm in the wake of a row with investors over the use of their money in a $1 billion healthcare fund. Abraaj denies any wrongdoing.
Abraaj’s joint provisional liquidators, PwC and Deloitte, are seeking a buyer for Abraaj Investment Management Limited as they seek to safeguard the funds and repay creditors.
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