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Thoma Bravo vs. Blackstone in NCR bid?

First it was Blackstone and Carlyle preparing a joint bid for NCR. Then it was just Thoma Bravo. Now rumor has it that it's Blackstone vs. Thoma Bravo.

July 20, 2015

With a July 26 bid deadline approaching, the heat seems to be rising for companies rumored to be in the running to purchase NCR Corp.

Just last Friday, inside sources reported that "consolidation investment" firm Thoma Bravo was preparing a $9 billion offer for the company after rumored investors Blackstone and Carlyle balked at the transaction technology's asking price of $10 billion.

Now that rumor seems to be "sooo last business day." This afternoon, investment site Seeking Alpha reported that Blackstone is back in the mix — but without Carlyle — putting together its own buyout package to rival Thoma Bravo.

Sources report that a $9 billion price tag would have investors potentially borrowing up to 6.5 times NCR's EBITDA (the maximum allowed by law) and adding another $2 billion from their own coffers to make up the difference. NCR's current market value is pegged in the $5.2 billion range.

As with the previous buyout rumors, NCR shares got a boost from the latest report, up from $30.26 at close of day Friday to $31.29 at midafternoon on Monday, a rise of about 3.2 percent.

So far, NCR has declined to comment on the rumors; Wall Street analysts can only hope that the company will have something to say in its Q2 earnings call next week.