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From: "Architexturez." <interface.services@xxxxxxxxxxxxxxxxx>
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Date: Sat, 10 Feb 2007 13:09:16 +0530
Mystery firms close in on Foster
9 February, 2007
By Angela Monaghan, Vikki Miller
The architect met four private equity firms this week ahead of a senior
management meeting
Four private equity firms are circling Lord Foster’s practice, the
second round of bids for which are due in by the end of the month.
A source told Building that the mystery bidders have each been invited
to meet this week with Lord Foster, followed by a session with his
senior management.
Initial estimates of the firm’s value have reached £500m. Despite
speculation that it has been overvalued, a spokesperson for Foster said
buyers were willing to pay about that price.
The spokesperson said: “It’s not a pie in the sky figure. It may not go
for £500m, but it will get at least £390m. I have no doubt whatsoever
that it will sell in that price range or not at all.”
The news comes as it emerged that Foster spent about half a million
pounds rebranding the practice. The name changed at the end of last year
from Foster and Partners to Foster + Partners.
cont'd....
http://www.building.co.uk/story.asp?sectioncode=284&storycode=3081178&c=2