Bidding war for Haldiram Snacks Food: Bain-Temasek enter the fray after Blackstone, ADIA, GIC consortium

Days after reports of Blackstone, Abu Dhabi Investment Authority (ADIA) and Singapore sovereign wealth fund GIC teaming up for a bid to acquire 76 per cent controlling stake in Haldiram Snacks Food Pvt Ltd emerged, another interested party has joined the fray. Bain Capital has reportedly teamed up with Singapore’s Temasek to compete with the Blackstone, ADIA and GIC consortium. 

According to a report in The Economic Times that had earlier reported on the consortium’s bid for Haldiram Snacks Food, said that Bain and Temasek submitted a non-binding offer late last week that valued the company at around $8-8.5 billion (Rs 66,400-70,500 crore), the same as the Blackstone consortium valuation.  

The report stated that Temasek is a limited partner in Bain’s global funds. Bain was intermittently engaged in talks with the Nagpur and Delhi factions of the Agarwal family over the past seven months. 

All the parties involved in the discussion are waiting for the National Company Law Tribunal (NCLT) to approve the merger that is expected in the next three-four months. The Competition Commission of India (CCI) has already approved the merger. The Nagpur faction-led Haldiram Foods International and the Delhi faction-led Haldiram Snacks, were merged to create a new entity, Haldiram Snacks Food. 

The founding family is looking to offload a majority stake in the entity as the next generation of the Agarwal family wants to pursue other interests. 

As per the report, Bain could also rope in other LPs and partners to form bigger consortiums. Blackstone could do the same.