There’s more confirmation this afternoon about a possible sale for Denver sandwich group Quiznos. According to sources, four private equity shops have submitted bids for the family-owned sandwich chain, including Thomas H. Lee Partners LP, Blackstone Group LP, Madison Dearborn Partners LLC and Apollo Management. Quiznos could go for up to $2 billion and final bids could come in later this week or next.
In other news, just days week after its informal takeover bid for the London Stock Exchange was laughed off by the target’s shareholders, Australia’s largest investment bank, Macquaire Bank Ltd., made a formal bid for the U.K. bourse – with the same $2.6 billion price tag it offered originally.
The LSE rejected the initial bid, calling it “derisory,” and claimed it undervalued the company. The 580 pence per share offer is 7.2% below the LSE’s closing stock price Wednesday, of 622 pence per share.
Macquaire, however, said the share price has been inflated due to acquisition rumors. Under U.K. law, the Sydney-based bank now has three months to leave its bid on the table and some say, it will do so with the expectation of the stock to return to a lower price per share. LSE shares dropped 5.5 pence per share by midday today, to 616.5 pence per share.
Meanwhile, New York media group Time Warner Inc. confirmed today it is seeking to sell its baseball franchise, the Atlanta Braves, as well as its lesser-known, but highly-profitable Turner South cable channel.
An analyst and insider each value the team between $380 million and $400 million, while the Turner Network, a sports cable station, is pegged at between $500 million and $600 million. Possible bidders could include Braves former owner Stan Katzen, Steve Belkin, who has led groups to purchase Atlanta sports franchises in the past, and Atlanta Falcons owner Arthur Blank. — Carolyn Murphy
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