Swiss electric meter maker Landis&Gyr AG received several bids in the second round of a sale process by Monday's deadline, people familiar with the situation told Dow Jones Newswires Tuesday.
Swiss electric meter maker Landis&Gyr AG received several bids in
the second round of a sale process by Monday's deadline, people familiar with
the situation told Dow Jones Newswires Tuesday.
Heavyweight strategic players such as
Japan
's
Toshiba Corp. (TOSYY) and General Electric Co. (GE) are among the bidders,
according to press reports. However many buyout firms have pulled out of the
process because the price is too high, people said.
Landis & Gyr makes electronic or 'smart' meters for energy distribution
systems and has been involved in upgrading vast swathes of utility networks
worldwide. It posted earnings before interest, tax, depreciation and
amortization of more than $190 million last year on the back of around $1.5
billion sales. Reports suggest the company could be valued at up to $2.48
billion.
The company is running a dual track process and in January filed papers with
the Securities & Exchange Commission in preparation for a potential initial
public offering on the New York Stock Exchange.
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