A decision over the future of Scottish & Newcastle is now expected ahead of next week's bidding deadline, possibly by the end of this week, according to insider reports.
Spirit - the pub group backed by Texas Pacific and Blackstone private equity houses - is expected to beat competitors CVC Capital Partners and Cinven Group and Laurel to win the bidding war with its reported leading offer of £2.6b.
Analysts warn of overpaying for the hotel and brewery company, considered one of the juiciest deals this year in the UK leisure market.