Venture capitalist Permira is waiting to see whether or not a rival consortium bids for department store group Debenhams before making its next move.
Permira has tabled a 425p a share bid, but rivals CVC and Texas Pacific have until September 24 to post a counter bid.
The first closing date for Permira's offer is next Tuesday, but this will be extended. A source close to the deal said no bid is expected from CVC/Texas Pacific until the third week of next month.
The CVC/Texas Pacific consortium has received£1 million a week from Debenhams to cover due diligence costs. The final payment is due today.
Some shareholders reacted negatively last month when the Permira bid was tabled, and suggested it did not represent fair value for Debenhams.
Both would-be buyers have drafted in respected retail names. Stuart Rose is poised to become non-executive chairman of a Permira-owned Debenhams, and John Lovering is fronting the CVC/Texas bid.
No comments yet