Cognetas Pulls Gas Station Co. From Auction Block

Law360, New York (December 12, 2011, 2:46 PM EST) -- European buyout firm Cognetas has walked away from plans to sell French gas station equipment company Tokheim after it deemed the offers too low, the firm announced Monday.

The firm said it will continue its plans to refinance Tokheim's debt, but will retain its majority stake in the company, which it bought in 2005.

“Tokheim continues to trade ahead of budget despite the challenging market conditions, and the prospects for the business are good,” the company said in a statement.

In September, Cognetas announced plans to...
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