Private equity firms eye Neiman Marcus Exit: Bloomberg
NEW YORK (Reuters) - Private equity firms TPG Capital and Warburg Pincus LLC are exploring a sale or a public offering of Neiman Marcus Group Inc, according to a Bloomberg News report late on Sunday.
The private equity firms, which bought the Dallas-based retailer in 2005 for $5.1 billion, have interviewed banks and are about to hire Credit Suisse Group AG (MLPN.P) to run the dual track process, according to the report, which cited two people familiar with the situation.
A Credit Suisse spokesman declined to comment. E-mails to Warburg, Neiman Marcus and TPG were not immediately returned.
TPG and Warburg are in the early stages of exploring their options and if they do not find a buyer or demand is weak for an IPO, they may decide to pursue a dividend recapitalization instead, according to the report.
(Reporting By Jessica Toonkel; Editing by Daniel Magnowski)
SAN FRANCISCO - At Pinterest, the four-year-old online bulletin board service that is valued near $3.8 billion, some 70 percent of the users are female. But the company's board of directors is 100 percent male. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.