However, the Sainsbury family - which owns about 18 per cent of the company - is understood to be unwilling to consider offers below 600p a share. Sainsbury's has rejected a 562p-a-share indicative bid. The revised offer values the supermarket chain at about£10.1 billion.
The CVC and Blackstone-led consortium has until April 13 to make a formal bid, according to a Takeover Panel ruling.
Last week, private equity firm Kohlberg Kravis Roberts (KKR) pulled out of the consortium.
Seymour Pierce analysts said: 'Whether or not the family is eventually brought on side, we must remember that at present there is no agreement with the pension fund trustees and this could end up being a deal breaker.'
Like-for-like sales at the retailer, excluding petrol, rose 5.9 per cent for the 12 weeks to March 24, beating analysts' expectations.
· Texas Pacific is understood to have withdrawn from the bidding consortium. It is believed that the private equity firm did not participate in the revised offer.
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