A total of eight non-binding offers have been made for Telekom Slovenije.

According to Finance, the highest are from Bain Capital, Apax and Providence, which value the Slovenian incumbent at between 150 and 160 a share.

Surprisingly, Deutsche Telekom, seen by many to be a front-runner, is understood to have only bid around 140 a share.

Although the bids value Telekom Slovenije at between 914m and 1 billion, it is believed that the investment funds are likely to increase their offers to over 1 billion.

Final bids are invited by the beginning of August.