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FINANCE
EATONTOWN, N.J. - New World Coffee-- Manhattan Bagel Inc.'s affiliate, Einstein Acquisition Corp., submitted a bid in mid-May to purchase the assets of bankrupt Einstein/Noah Bagel Corp. for $151 million in cash and to assume certain operating liabilities up to $30 million.
The competing bid, filed at the U.S. Bankruptcy Court for the District of Arizona, comes from an affiliate of Three Cities Fund III L.P., a New Yorkbased private-equity firm, for $145 million in cash and the assumption of $22.7 million in liabilities.
ENBC, which last year spurned New World's acquisition bid, said it was seeking the sale of assets to the Three Cities affiliate in February. The...