A TPG-led consortium could be ready to file a binding offer for Iberia by Sept. 27, when Iberia’s board is scheduled to meet, daily El Pais reports Thursday. U.S. private equity firm TPG made a EUR3.60 a share, or EUR3.41 billion, preliminary offer for Iberia in late March. Since then, it has built a consortium including British Airways PLC and Spanish buyout firms Inversiones Ibersuizas SA, Quercus Equity SL and Vista Capital de Expansion SA.
According to El Pais, which cites people familiar with the transaction, TPG has hired a group of eight auditors to review Iberia’s books, after Iberia recently agreed to grant limited due diligence to the bidding consortium. TPG expects to get a review from the auditors by Sept. 10.