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Kone makes highest bid for Thyssenkrupp elevators – Bloomberg

Finland’s Kone has submitted the highest offer for Thyssenkrupp’s (OTCPK:TYEKF) elevator business, as it tries to outbid P-E firms by a wide enough margin to overcome antitrust concerns, Bloomberg reports.

Kone (OTCPK:KNYJF), partnering with CVC Capital Partners, offered ~17B ($18.7B) this week, and has given Thyssenkrupp the option of receiving all cash or a mix of cash and stock, according to the report.

Kone reportedly is competing with three remaining groups of P-E suitors: a consortium of Blackstone (NYSE:BX), Carlyle (NASDAQ:CG) and Canada Pension Plan Investment Board; a group backed by Advent International, Cinven and Abu Dhabi Investment Authority; and another partnership of Brookfield Asset Management (NYSE:BAM) and Temasek Holdings.

Source: M A News on Seeking Alpha