Apollo Global Management (NYSE:APO), one of the parties that indicated an interest in a takeover of Britain’s biggest coffee chain, decided against bidding ahead of last week’s deadline, Sky News reported on Monday.
According to the report, Coca-Cola (NYSE:KO) and its advisers set a deadline last week for indicative offers for Costa.
However, sources said on Monday that Apollo Global decided not to submit an offer. Other reported bidders include TDR Capital, the owner of Asda.
Reports of the sale process followed about a month after Coca-Cola (NYSE:KO) CEO James Quincey said the investment in Costa Coffee is not where the company wanted it to be from an investment hypothesis point of view.
Costa Coffee is the UK’s largest and the world’s second-largest coffeehouse chain behind Starbucks (SBUX).