Permira has rejected a €2.5 billion ($3.2 billion) bid for Iglo Foods Group from Blackstone and BC Partners which was “significantly lower” than what was expected, a source familiar with the matter told IntraFish on Monday.

Although it was a “firm rejection” the door is never shut to other offers, said the source. “It’s not that they couldn’t  get credit from the market, they just decided to put in a lowball offer.”

However, Iglo will now pursue another business plan involving organic and acquisitive growth, the source said.

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