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Exclusive: Onex fails to find buyer for Carestream Health

Onex Corp has called off its auction of medical imaging firm Carestream Health Inc after failing to find a buyer that was willing to meet its price expectation of as much as $3.5 billion, three people familiar with the matter said this week.Bain Capital LLC, the last remaining private equity firm that was talking to Onex about a possible deal, dropped out of the auction this week, the people said. Another interested party, Thomas H. Lee Partners LP, exited the process earlier, they added.Onex is now considering other options for Carestream, with a dividend recapitalization the most likely outcome, one of the people said. Under that scenario, Carestream would borrow money to pay Onex, a Canadian private equity firm, a special dividend.All the people asked not to be identified because the matter is confidential. Representatives of Carestream and Onex did not immediately respond to requests for comment, while Bain and Thomas H. Lee Partners declined to comment.With interest rates at recor...

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