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UK - CVC and Bain in bidding for Caudwell Group

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CVC Capital and Bain Capital are the remaining two competitors in the contest to buy the Caudwell Group, reports The Times today. John Caudwell offloaded part of his business in April and the bidders are now neck-and-neck for the rest of his empire, which includes Phones 4u and Dextra, the logistics business.

CVC and Bain are each heading separate consortiums with CVC teamed up with Providence Equity Partners, and Nordic Capital thought to be supporting Bain. Warburg Pincus recently withdrew its bid. The bids from private equity are believed to be below the £1bn Mr Caudwell thinks his business is worth.
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