Sun Capital Affiliate Posts Bid for Vitro US Companies
May 3, 2011
American Glass Enterprises LLC, an entity controlled by Sun Capital Partners Inc., has posted a bid for Mexican glassmaker Vitro SAB's U.S. businesses that are to be sold through a bankruptcy-court auction.
According to an article posted on marketwatch.com American Glass Enterprises LLC said it has made a $45 million bid for Vitro America LLC and three other subsidiaries, according to papers filed Tuesday with the U.S. Bankruptcy Court in Dallas.
The MarketWatch article notes that American Glass's offer exceeds the $44 million offer from Boulder, Colo., private equity firm Grey Mountain Partners LLC that Vitro presented last month and removes the requirement that the lead bidder for the units be paid a $1.3 million fee if it is bested at auction.
At press time representatives from Sun Capital/American Glass Enterprises had not responded to USGNN.com™’s requests for comment and Vitro declined to comment.
Stay tuned for more news and updates as they are made available.