Wednesday, 11 February 2015

The auction of auctioneer - part 2

It sounds like the auction of Bonhams isn't going as smoothly as the ones carried out by the 200-year old auctioneer.

The owners of Bonhams hired Greenhill last year to look at "strategic options".

Since then, various parties - such as China's Poly Culture - have got into serious discussions about a deal only for it fall over at the final stages.

The latest bidder to come close to buying Bonahams is/was CVC Capital Partners, one of Europe's largest private equity houses.

Last summer, I reported that CVC dropped out of the auction process - see the link http://www.thisismoney.co.uk/money/markets/article-2720854/Bonhams-auction-house-sold-Chinas-Poly-Culture.html - but good sources tell me the firm recently rekindled discussions with Bonham's proprietors.

However, I understand those talks hit another stumbling block and the deal is off - again.

Neither CVC Capital Partners or Bonhams bothered to return calls for comment.

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