Sage Pulls Out Of Auction For Bain's TeamSystem - Source

30th Jul 2010 18:05

By Marietta Cauchi Of DOW JONES NEWSWIRES LONDON (Dow Jones)--In a surprise move, Sage Group PLC (SGE.LN) has withdrawn from the auction for TeamSystem SpA, the Italian software company being sold by U.S. private equity firm Bain Capital LLC, a person familiar with the company told Dow Jones Newswires on Friday. This is the second time that the U.K. software firm has dropped out of the sale process, which is being run by UBS AG (UBS). Sage had initially dropped out several weeks ago, but was invited back in after UBS narrowed the price range, another person told Dow Jones Newswires. Sage's withdrawal leaves buyout firms Cinven Group and HgCapital vying for TeamSystem, and both were expected to meet Friday's deadline for final bids. Bain is looking to get around EUR600 million from the sale. It purchased TeamSystem in December 2004 for EUR274 million from Palamon Capital Partners. Several other private equity firms were initially looking at TeamSystem but decided not to submit offers for the business earlier in the process, people familiar with the matter said earlier. These included Advent International, Apax Partners, Bridgepoint and CVC Capital Partners Ltd. -By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; [email protected] (END) Dow Jones Newswires July 30, 2010 13:05 ET (17:05 GMT)