Buyout groups BC Partners, Onex and Partners Group were expected to make bids for Swiss packaging maker SIG Combibloc earlier this week, according to Reuters.
Valuations are believed to be at €3.5 – 3.8 bn ($4.36bn), down on first round offers above €3.9bn ($4.9bn).
In Form 6-k filed to the US Securities and Exchange Commission last week, New Zealand owner Reynolds Group Holdings Ltd said: "...as a result of an approach received, the RGHL Group has decided to also undertake a strategic review of its SIG business." It added that no decisions have been made.
SIG Combibloc makes aseptic carton packaging for juice, milk, soups, and sauces. It has around 5,100 employees in 40 countries.
Buyout group Lindsay Goldberg has put German packaging company Weener Plastik up for sale, expecting a price of around €400m ($500m), according to Reuters.
Rival buyout firms such as CD&R, Ardian, Charterhouse and Bain are believed to have handed in tentative bids for the food packaging manufacturer.