PHILADELPHIA: The line-up of contenders for retailer Toys R Us Inc has narrowed to two suitors that offered to buy both the struggling toy store chain and the Babies R Us unit for more than US$5.7bil, sources familiar with the situation said.
Buyout firm Kohlberg Kravis Roberts & Co and an investment group led by Cerberus Capital had submitted bids for the entire company, rather than just the toy store chain, which was put up for sale last year, the sources said.
The retailer had planned to keep its faster growing Babies R Us unit, which sells infant clothes, linens and furniture, but the last-minute takeover offers for the entire company were too lucrative to ignore, a source said.
Toys R Us, according sources, is scheduled to have a board meeting later this week to review the offers. – Reuters