US group opens door to rival Warner bidders

THE American private equity group that plans to buy Northern drug company Warner Chilcott for close to €2.3 billion has opened the door to rival bidders to be part of the takeover.

Waren Acquisition, the special purpose company set up by banking heavyweights JP Morgan and DLG Merchant Banking Partners, said it was in talks with Bain Capital and Thomas H Lee.

The two private equity firms were attached to one of the two bids that lost out earlier this week when the Warner Chilcott board said it would recommend the Waren bid to shareholders, valuing the company at €2.3 billion or £8.62 a share.