Barclays's allowed to demand higher offers for its iShares

As it became known on Friday, BC Partners is no longer working on a bid for iShares, the exchange-traded funds business being sold by Barclays PLC. This decision comes after the bank's confirmation last Friday, that it was discussing the bidding of  its asset-management business, Barclays Global Investors, or BGI. 

CVC Capital Partners are going forward with the acquisition of iShares which Barclays agreed to sell to the London-based buyout shop for £3 billion (or $4.76 billion) last month. Until June 18 Barclays is allowed to demand higher offers for iShares and other related businesses, according to the agreement. 

BC Partners didn’t rule out the possibility of returning to bid for iShares should Barclays decide not to sell the whole of BGI. 

Whole BGI business bidders, having around $1.5 trillion of assets under management, include BlackRock Inc. The other asset management companies are Bank of New York Mellon Corp. and Vanguard.