Advance Auto bids fall short, sale unlikely-sources
NEW YORK Nov 29 (Reuters) - An auction of Advance Auto Parts Inc failed to attract bids that met its price expectations, making it unlikely the auto parts retailer would proceed with plans to sell itself, according to four people familiar with the matter.
The company ran a limited auction process that attracted interest from buyout firms including Carlyle Group LP, Leonard Green & Partners LP, KKR & Co LP and Clayton Dubilier & Rice LLC, the sources said this week.
Details on bids and the management's valuation expectations could not be learned.
The Roanoke, Virginia-based company has a market value of more than $5.7 billion, up 10 percent since Nov. 1 when news of a potential sale emerged.
The sources asked not to be identified because the matter is not public. Advance Auto Parts, Carlyle, KKR and CD&R declined to comment, while Leonard Green did not immediately respond to requests for comment.
Blackstone Group LP, which sources said was advising Advance Auto on a potential sale, declined to comment.
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