TPG Splits With Clayton Dubilier On Bid For RBS Worldpay - Source

16th Jul 2010 08:15

By Marietta Cauchi Of DOW JONES NEWSWIRES LONDON (Dow Jones)--TPG Inc and Clayton Dubilier and Rice are no longer pursuing a joint bid for Royal Bank of Scotland PLC's (RBS) Global Merchant Division, including profitable Worldpay, a person familiar with the situation told Dow Jones Newswires Friday. The split, which came overnight, is over a complementary deal in the U.S. that the buyout duo were working on together and which didn't work out, the person said. TPG will now pursue a bid for RBS' payment processing unit, Global Merchant Services, independently. It is unclear whether Clayton Dubilier and Rice will remain in the process. RBS has set an end of July deadline for the final bid in the auction. However, the bank has set an informal deadline for Monday July 19 to ensure that the bidders are working on plans for an acceptable deal for the bank. A joint rival bid is being worked on by Advent International Corp together with Bain Capital LLC. RBS is selling the unit as part of a disposal program forced on it by the European Commission following its receipt of billions of pounds of Government money following the financial crisis. -By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; [email protected] (END) Dow Jones Newswires July 16, 2010 03:15 ET (07:15 GMT)