Two investment funds KKR and CVC Capital Partners have emerged as top bidders for Pivovarna Lasko, a Slovenian brewery.
Three other bidders - Mid Europa Partners, Bain Capital and Dutch brewer Heineken - were urged to submit improvised bids, reported Reuters citing Finance, a financial daily that cited sources.
The top bids offered €24 for each share, which would take the value of the Slovenian brewery at €207m.
According to a report of Dnevnik daily newspaper, which cited unofficial sources, the submitted bids are valued between €160m and €190m.
The Slovenian brewery, which is owned by banks and companies, had been put up for sale in 2014. Last week, the firm had received five binding bids.
The selected bidder will be expected to invest at least €75m in exchange of acquiring one-third stake in the firm, which hopes to reduce its debt.
According to the Slovenian securities legislation, acquiring parties need to hold one-third of a firm to make a buyout offer for the remaining shares.
Earlier this month, Heineken expressed its interest to buy the stake in Lasko.
Last week, Lasko was quoted as stating by Reuters: "The received bids will be carefully examined, upon which a decision will be made on how to proceed with further negotiations in the sale process."
About 51% of Lasko owners have agreed to sell their shares.