(Reuters) - U.S. private equity firm Bain Capital LLC reiterated on Thursday it will not raise it $3.50 billion bid for South Africa's largest fashion retailer Edcon after a prominent fund manager called the offer 50 percent too low.
"There was a globally run auction to find buyers, it was announced in the press and ran for four months, during which no new bidders surfaced," Bain Capital Managing Director Dwight Poler told Reuters.
Read more at Reuters Africa
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