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Blackstone, CD&R among PE firms exploring bids for Magnum - report
(Sharecast News) - Shares of Magnum Ice Cream Company surged on Friday following a report that Blackstone and CD&R are among private equity firms in the early stages of exploring bids for the company. According to Reuters, citing two sources familiar with the matter, the firms are monitoring Magnum's share price before deciding whether to make a move for the company, which was recently spun out of Unilever.
Unilever retains a 19.9% stake in Magnum and plans to exit within five years.
Reuters said deliberations are at an early stage and both PE firms are waiting for Magnum to report summer sales before making a decision. Magnum makes a large share of its revenue during that period.
Sources told Reuters that other private equity firms are also interested.
Magnum Ice Cream Company declined to comment on the report.
At 1212 BST, Magnum shares were up 17% at 1,314.55p.
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