2 of the UK's top retail bosses line up rival $8.5 billion bids for Walmart-owned supermarket chain Asda, according to a report

• Two longtime UK retail executives are working with private equity groups on rival £6.5 billion ($8.5 billion) bids for Walmart-owned Asda, according to a Sky News report.
• Former Debenhams chief executive Rob Templeman is helping Apollo Global Management, while former Asda chief Paul Mason is supporting Lone Star Funds.
• After initial takeover talks paused in April, Walmart restarted discussions on the sale of a majority stake in July. A deal could be announced in September.

Two of Britain's top retail bosses are working with private equity groups on rival £6.5 billion ($8.5 billion) takeover bids for Walmart-owned grocer Asda, according to Sky News.

Former Debenhams chief executive Rob Templeman and Asda's former chief executive Paul Mason are working to secure private equity interest in the UK's third-largest grocery chain.

Templeman is assisting Apollo Global Management, with whom he has worked on previous deals, while Mason is helping Lone Star Funds, Sky News said. A deal could be disclosed by early September.

It remains unclear whether Templeman or Mason would play a role within Asda once the deal is closed.

Walmart, the US-based global retail giant, restarted talks on selling a majority stake in the British supermarket chain in July. Those talks had stalled in April, during the throes of the pandemic, when Apollo, Lone Star, and TDR Capital were in the race. Buyout firm TDR is reportedly still considering a bid.

Walmart, which acquired Asda in 1999, aims to retain a minority stake in the chain as part of the deal, which is likely to conclude before the end of the year.

Asda operates over 600 stores in the UK and accounts for about 15% of the country's grocery market.

No asking price for Asda has been revealed, but the chain was valued at about £7 billion ($9 billion) during its planned merger with Sainsbury's, which was blocked in February 2019 by regulators. The UK Competition and Markets Authority had said it had "extensive concerns" about the deal, which would have created a £13 billion ($17 billion) grocery giant.

Walmart has previously said it intends to float Asda on the stock market, but that it is aware it could "take years" before that happens.

Asda declined to comment to Business Insider.