FRANKFURT, Sept 11 (Reuters) - German books-to-cosmeticsretailer Douglas has asked for second-round bids for its Christjewellery arm in a potential deal worth more than 400 millioneuros ($517 million), two sources familiar with the deal said.
Since being taken private by buyout group Advent last year,Douglas, which also runs stores selling perfumes and clothes,has decided to focus on the beauty part of the business, buyingup French perfume chain Nocibe and selling its Hussel brandedconfectionary stores.
Douglas hopes to complete the sale of its Christ unit aheadof a planned return to the stock exchange.
Buyout groups Ardian, 3i, Pamplona, Apollo as well as a European jewellery retailer have been invited tohand in final offers for Christ by late October, the sourcessaid.
Tentative bids valued Christ at more than 8 times itsexpected earnings before interest, taxes, depreciation, andamortization of about 50 million euros, they added.
By comparison, listed peer Signet Jewelers, which isnot vying for the asset, trades at a multiple of 11.7 times itsexpected operating earnings.
Douglas has also launched a sale of its Thalia book storesdivision and its fashion retailer Appelrath Cueppers.
Once the restructuring is done, Advent is considering aflotation of Douglas on the Frankfurt stock exchange, peoplefamiliar with the situation said, adding an initial publicoffering may take place as early as the first half of 2015.
If Douglas does not succeed in finding a buyer for theassets it has put on the block, it may decide to go public in asetup that includes Christ, but not Thalia and Appelrath, theyadded.
Douglas and the buyout groups declined to comment.
(1 US dollar = 0.7730 euro) (Reporting by Arno Schuetze; Editing by Mark Potter)
3i Group (III)