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Bloomberg
A unit of Abu Dhabi Financial Group has made a fresh, $55 million offer for the rights to manage Abraaj Group’s funds, challenging a bid from Cerberus Capital Management LP, according to people familiar with the matter.
Abu Dhabi Capital Management told Abraaj’s liquidators it would pay $30 million to buy the rights to manage Abraaj’s funds and $25 million to cover the company’s costs and end-of-service payments for employees, the people said, asking not to be identified as information is private. Cerberus had bid a total of about $25 million, people familiar with the matter said previously.
Representatives for Abraaj’s liquidators and ADFG declined to comment. Abu Dhabi Capital Mana- gement made a $50 million offer to the firm’s financial adviser around the time the court-led restructuring process started, according to people familiar with the bid.