Jun 10 2012
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Talks For $500 Million Gulf Marine Sale Collapse: Sources - Reuters
Sunday, Jun 10, 2012
Talks between private equity company Gulf Capital and two potential buyers for a 79% stake in its Gulf Marine Services unit have collapsed due to financing issues and differences over valuation, the Reuters news agency said Sunday on its website, citing three unnamed sources.
"There was a buy-sell price gap and the buyers could not get the financing sorted out. American and European investors were the final bidders but talks are now back in ground zero," one of the sources was quoted as saying in the report.
Gulf Capital CEO Karim El Solh confirmed there were problems but said the company hadn't given up on its sale plans, adding that it is also exploring a potential initial public offering for Gulf Marine in a major stock market like London or Singapore in two years' time, the report said.
(END) Dow Jones Newswires
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