The pair are expected to bid for the business by the July 15 deadline according to the Australian Financial Review.
PEP was staring at a bidding war for the company last month amid interest from at least two unnamed parties, Reuters reported at the time.
An indicative $1.1bn bid from PEP valued risk management specialist SAI at between A$5.10 and A$5.25 per share when it was submitted in May.
Late last month PEP-backed toilet paper and tampon maker Asaleo Care rose in its debut on the Australian Securities Exchange.
Shares in the company topped A$1.7 apiece in the first hours of trading, up from the IPO price of A$1.65, which was in the middle of its indicative range of A$1.55 to A$1.80.
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