PAI and Permira, two private equity firms, have launched a €1.44bn ($1.74bn) counter-offer for Spanish retailer Cortefiel just five hours before the deadline for bids, trumping a previous offer from CVC Capital Partners by 2.8%.

However, the higher bid, at €18.40 per Cortefiel share, could struggle to succeed as CVC has signed a deal with majority shareholders, the Hinojosa and García-Quirós families and Spanish real estate company Hidafa, stating that offers must be at least 8% higher than the €17.90 offered by CVC.