Miller Buckfire - News -
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Published on: 1/19/2004
Last Visited: 8/14/2009
Nigel Foxwell, managing director of Micro Warehouse Ltd, said: "We have had all sorts of companies registering an interest.
The major players are still on the scene, including competitors and some big office (supply) firms."
Foxwell added that most of the firm's distributors have registered an interest, but mostly to see what was "going on".
"This is a difficult time and (the speculation) could be seen as a distraction," he said.
"But we are trying to carry on with business as usual."
Micro Warehouse's parent company in the US went into Chapter 11 bankruptcy proceedings last year (CRN, 15 September), after its online assets were sold to rival CDW.
The sale of the remaining European assets is being handled by New York-based bank Miller Buckfire Lewis Ying (MBLY), which sent out 'offering memoranda' letters to all firms that had expressed an interest in buying Micro Warehouse Europe (CRN, 3 November).
However, Foxwell said that even if an offer was made on Micro Warehouse and accepted through a court process under US Chapter 11 bankruptcy proceedings, the firm still has to be sold at auction.
Even if a 'stalking horse', interested in the company, has made a successful offer, it still faces the prospect of another firm coming along at the auction and buying Micro Warehouse from under it with a higher bid, according to a senior executive at MBLY.
"But the stalking horse would get full compensation for any expenses incurred during due diligence," Foxwell said.