KKR & Co is suspending its planned sale of Goodpack Ltd, a Singaporean provider of intermediate bulk containers, after bids fell short of expectations, according to people familiar with the matter.
The coronavirus outbreak has disrupted the sale process, said the people, who asked not to be named as the information is private. The New York-based private equity firm, which
expected to fetch at least $2 billion for the packaging company, couldn’t get the price they wanted, said the people.
KKR may resume the process in the future when the market stabilises, the people said. A representative for KKR declined to comment, while a representative for Goodpack didn’t immediately respond to requests for comment.
KKR acquired Goodpack six years ago for about S$1.4 billion and delisted the company. The buyout firm started working with financial advisers
on identifying potential buyers for the business last year, Bloomberg News reported