DEARBORN (dpa-AFX) - Investment Dar Co., owner of Aston Martin, has received competing bids from a European private-equity fund Investindustrial and Indian carmaker Mahindra & Mahindra Ltd. for 50% stake in the luxury sports-car maker Aston Martin, according to several media reports, citing people familiar with the matter.
Investment Dar and other Kuwaiti investors who own Gaydon, U.K.-based Aston Martin may choose a winner as early as this weekend, reports said citing the people.
The reports said Investindustrial has offered just under 250 million pounds or $401 million. However, Mahindra & Mahindra responded with a higher counter offer.
The winning bidder would get 50 per cent voting rights and a 40 per cent equity stake. Investment Dar, the other Kuwaiti investors and Aston Martin management would retain the rest, the reports said quoting the people.
The Investment Dar and the other Kuwaiti investors bought Aston Martin from Ford Motor Co. (F) for 479 million pounds in 2007 but struggled under the debt load used to fund its acquisitions.
Copyright RTT News/dpa-AFX