Subway's sale process isn't over yet
Subway's founding family hasn't yet picked buyer, says a source close to the situation.
State of play: The JPMorgan-led sale process is still down to two bidders, the source says, despite a WSJ story reporting that private equity firm Roark Capital is poised to prevail with a $9.6 billion bid.
- On one side are TDR Capital and Sycamore Partners, bidding together, and on the other is Roark, whose vast restaurant holdings include Dunkin' and Arby's.
Details: Both sides are tweaking their respective debt financing packages, the source says.
- The winning offer is expected to come between $8 billion and $10 billion.
- An announcement is expected within the next several weeks, although JPMorgan wants to finish by Labor Day.
- Subway and Sycamore Partners declined to comment, while JPMorgan, Roark and TDR didn't immediately respond to a request for comment.
The bottom line: "It's just coming down to the highest bidder," the source says.