Abu Dhabi firm counters Cerberus' offer for Abraaj unit with $55m bid

Arif Naqvi, chief executive officer of Abraaj Capital Ltd., speaks at the Milken Institute Asia Summit in Singapore, on Friday, Sept. 15, 2017. Photographer: Vivek Prakash/Bloomberg

A unit of Abu Dhabi Financial Group has made a fresh, $55 million offer for the rights to manage Abraaj Group’s funds, challenging a bid from Cerberus Capital Management LP, according to people familiar with the matter.

Abu Dhabi Capital Management told Abraaj’s liquidators it would pay $30 million to buy the rights to manage Abraaj’s funds and $25 million to cover the company’s costs and end-of-service payments for employees, the people said, asking not to be identified as the information is private. Cerberus had bid a total of about $25 million, people familiar with the matter said previously.

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