Chrysler: Blackstone To Strike First?

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Blackstone may submit a bid for the Chrysler group as early as today, the Detroit News reported this morning. As of late last night no bids had been received, the paper said. Earlier reports had indicated that the bids were due on Thursday. Blackstone is said to be working with Centerbridge Partners on a joint bid.
So what happened to that Thursday deadline? In our experience, the people who actually work at private equity shops are loathe to submit bids on Thursdays, so this isn’t that surprising. The problem with the Thursday bid is that it gives the sellers all day Friday to consider the bid, and raises the possibility that a second round of bidding might start as early as Saturday or Sunday. A good Friday afternoon bid probably frees up the weekend, since a response probably won’t come in until Monday.

Chrysler suitors rush to make bids
[Detroit News]

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