A total of eight non-binding offers have been made for Telekom Slovenije.
According to Finance, the highest are from Bain Capital, Apax and Providence, which value the Slovenian incumbent at between €150 and €160 a share.
Surprisingly, Deutsche Telekom, seen by many to be a front-runner, is understood to have only bid around €140 a share.
Although the bids value Telekom Slovenije at between €914m and €1 billion, it is believed that the investment funds are likely to increase their offers to over €1 billion.
Final bids are invited by the beginning of August.