July 03, 2013 at 17:29 PM EDT
UPDATE 1-Cerberus CEO drops stalking horse bid for Freedom Group -source
NEW YORK, July 3 (Reuters) - Stephen Feinberg has scrapped a bid for the maker of the Bushmaster rifle, which his private equity firm, Cerberus Capital Management LP, put up for a sale after one of its guns was used in the Newtown, Connecticut school shooting in December, a person familiar with the matter said on Wednesday.
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