Steve Feinberg, founder of Cerberus Capital Management LP decided not to make a bid for Freedom Group Inc. This was according to one person familiar with the matter. Freedom Group is a gun manufacturing company and is controlled by private equity firm Cerberus.

Several suitors submitted offers that made Feinberg's big unnecessary. This was according to a source who asked not to be named as the decision was held private. In April, sources said that Feinberg asked partners in Cerberus to join the bid for the Bushmaster rifle maker. This was intended to spark a competition for Freedom Group.

The withdrawal for the bid by Cerberus founder Feinberg showed that the company ran an active auction in the middle of fierce public debate regarding firearms. This was after Freedom Group was up for sale last December said people familiar with the matter.

Spokesperson for New York based Cerberus Peter Duda refused to comment about the report.