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Cooper-Standard Ponders Bid for TI Automotive


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Cooper-Standard Holdings Inc. is evaluating a possible takeover bid for rival TI Automotive Ltd., according to Reuters, which cites unnamed sources.

Both companies compete in the automotive fluid handling systems market, and each has annual sales of about $3 billion.

TI Automotive has been negotiating for months to sell itself to Bain Capital Partners for $2 billion. Last month a rival bid for about $3.1 billion from London-based Pamplona Capital Management prompted TI to postpone a vote on the Bain deal, according to Bloomberg News.

Reuters says TI's owners ultimately decided neither bid was high enough, thus leaving the status of the sale uncertain. The news service says Cooper-Standard later approached TI and indicated it would pay more than the two earlier offers.

Cooper-Standard and TI have enterprise values of about $1.4 billion and $2 billion, respectively, according to Reuters. Each company is controlled by groups of hedge funds who helped them restructure amid the economic crisis.

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