Takata Corp.s selection of a bidder is running behind schedule as the shortlisted companies embark on a more thorough review of the air-bag maker behind the biggest auto safety recall, according to people familiar with the matter.
The successful bidder may only be named some time in the January-to-March quarter, the people said, asking not to be identified as the negotiations are private. Takata and its financial adviser Lazard Ltd. have asked bidders to complete the due diligence in February, two of the people said. The Tokyo-based manufacturer said last month it was working to find a buyer and finalize its restructuring plan by year-end.