Cerberus Founder Said to Skip Bidding on Gunmaker Freedom

Cerberus Capital Management LP founder Steve Feinberg decided not to make a bid for Freedom Group Inc., the gunmaker controlled by the private-equity firm, said a person familiar with the matter.

Several suitors submitted offers, making Feinberg’s bid unnecessary, said the person, who asked not to be identified because the decision is private. Feinberg and partners at Cerberus had approached wealthy individuals about joining in a “stalking horse” bid to spark competition for Freedom Group, the maker of the Bushmaster rifle used in a Connecticut school massacre, people familiar with the matter said in April.