Saeco, the Milan-listed espresso machine maker, has dropped the former Italian arm of Grant Thornton as auditor after worse than expected fourth quarter results led to suitor PAI lowering its offer for the company.

PAI, the private equity group spun off last year from BNP Paribas, initially offered €756m ($916m) for Saeco, but when last month's fourth quarter results came in 25% below budget and shares were suspended, PAI cut its offer to €728m.