Energis bidders lower offer

Bidding against themselves...

The private equity consortium bidding for beleaguered telco Energis has lowered its offer by 30 per cent since it is the only interested party. The group is now offering the telco's creditors between £400m and £500m for the company. This is down from an earlier bid of £690m which would have covered Energis' outstanding debt. The firms bidding for Energis, which include Apax Partners, Carlyle Group and Credit Suisse First Boston's private equity division, put together the initial bid earlier this month.