Blackstone was thought to have ducked out of the process in December amid company founder Bob Ingham asking for about $1.4bn for the business, but has had its interest reignited with the entry of TPG according to the Wall Street Journal.
It said offers for the business would value it at less than A$1bn after Bob Ingham dropped his asking price, citing people familiar with the matter.
The previous figure was based on the business fetching seven-times its fiscal 2013 earnings.
Bids are expected in March according to the WSJ, which added the company could consider an IPO if the trade sale does not come off.
Investec, which is handling the sale process, has reportedly invited five investment banks to sell the benefits of an IPO.
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