Investcorp have been in talks with Elliott Management for the purchase of AC Milan, but the situation has seemingly taken a turn. The Bahrain-based fund, in fact, are now annoyed with Elliott Management.
Elliott Management, the Milan owners, have been in talks with Investcorp over the sale of AC Milan as the Bahrain-based fund tabled a €1.1bn offer. Due diligence was completed but then things changed due to the competition of RedBird Capital.
The US-based fund joined the race as Investcorp’s exclusivity came to an end. As per La Repubblica (via MilanLive), Investcorp are annoyed with Elliott Management and are asking for an explanation of the situation.
There’s no doubt that the process has hit a roadblock, mainly because Elliott aren’t convinced of Investcorp’s financing of the €1.1bn bid. The race is thus open and it remains to be seen what the outcome will be. It’s clear, though, that Elliott want to leave Milan in good hands.