UK - Buyout houses ready for Prêt

Advent International, Bridgepoint and Morgan Stanley are all reported to be preparing bids for UK sandwich chain PrУЊt a Manger. However, the ТЃ400m-plus price tag on the asset is unlikely to be realistic, owing not only to market wobbles but also to a lack of real international expansion opportunity, a source close to the deal has revealed to unquoteт€. т€œIt has not taken off (in New York) as expected. Outside the UK, a boxed sandwich equals т€˜not freshт€™,т€ the source said. The three remaining bidders т€“ Lion Capital and Icelandт€™s FL Group are reported to have dropped out т€“ are likely to pay well below the asking price, meaning the vendors could pull the sale altogether. The founder-owners may re-invest sale proceeds back into the business in an effort to woo potential buyers.