the takeover target for at least six weeks, amid concerns that the access to financial records has undermined the auction process.
buy-out firm Kohlberg Kravis Roberts, rival bidder Wesfarmers has competitive.
weeks.
takeover in Australian corporate history, follows a weekend of tense discussions between Coles and Wesfarmers, which has yet to proposal more than a month ago.
Wesfarmers and its bidding partners, Macquarie Bank, Pacific Equity Partners and Permira Holdings, are believed to be concerned intention of running a competitive auction.
tilt, has repeatedly claimed that it wants the process to be competitive to maximise returns for shareholders.
supermarket sales and a profit downgrade.
whether a ban on early bids would be implemented. However, sources disadvantaged by KKR's two-week head start.
"Coles is keen to see the process remain competitive. Interested their bids," the source, who did not wish to be identified, said.
in the race to buy Coles.
That is despite Woolworths flagging an interest in Coles' Target and Officeworks chains, and persistent so far escaped public scrutiny. British retailer Tesco has reportedly abandoned its plan to bid.
Despite lengthy negotiations over the weekend, Wesfarmers and Perth-based company can start its own due diligence.
stand-off when it hosts a briefing for institutions, stockbrokers and analysts in Sydney today.
week.
Wesfarmers shares closed 24 higher at $38.
85 yesterday, while Coles gained 12 to $17.89.
He's a bona fide Hollywood star, and Steven Spielberg and Brad Pitt are among his fans, but what Eric Bana treasures most is his life as a suburban dad.
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