Penta Bids For Insolvent German Retailer Schlecker

Law360, New York (April 6, 2012, 7:37 PM EDT) -- European private equity firm Penta Investments has made an undisclosed offer to purchase defunct German drugstore chain Schlecker, surprising some analysts who had predicted that Droege International Group AG was poised to take over the company, according to German news reports Friday.

Investment manager Droege International's offer did not make the short list of offers being considered by the struggling drugstore, and now Penta has entered the race with a nonbinding offer, according to a report in the weekly German magazine Der Spiegel.

The financial details...
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