KKR & Co. edged up its offer for the preference shares of WMF Wuerttembergische Metallwarenfabrik AG (WMF) on the instruction of a financial regulator as it seeks to buy the German maker of hotel coffee machines and kitchen utensils.
The private-equity firm will offer 31.80 euros in cash per preferred share, which the German Federal Financial Supervisory Authority deemed to be the volume-weighted average domestic price of the stock in the three months prior to last week’s announcement of the takeover proposal, KKR said in a statement today. It had previously said it would offer at least 31.70 euros per preferred share and 47 euros for each ordinary share. KKR didn’t change its offer for the ordinary shares.
WMF, which is being sold by Swiss private-equity firm CapVis Equity Partners AG, is expanding its coffee-machine business and pushing into China. Private-equity firms CVC Capital Partners Ltd. and Bain Capital LLC were also interested in the Geislingen, Germany-based company, people familiar with the negotiations said in April.
KKR bought Crystal Capital GmbH’s 52 percent stake in WMF and Crystal Capital, an investment vehicle of CapVis, committed to tender 256,489 WMF preferred shares, KKR said last week.
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