A proposed private equity move to take over Sainsbury's is in danger of collapse, reports have suggested.
Sainsbury's saw strong results for the first three months of 2007
The consortium is believed to have indicated it would offer £9.7bn for the UK's third biggest supermarket.
But it is thought that the approach - worth about £5.60 per share - was not enough to tempt major investors.
David Sainsbury, the largest single investor, will not open the firm's books without an offer of at least £6 per share, Reuters reported.
Elsewhere, the Mail on Sunday said that the supermarket's chairman, Sir Philip Hampton, had been prepared to listen to a lower bid.
However, given the opposition of Mr Sainsbury - who holds 8% of the firm - Sir Philip would now tell the consortium to up their offer or walk away, the paper said.
The Sunday Times quoted a "senior Sainsbury's source" saying: "There has not been a proposal from them that on either price or conditions would cause us to engage".
And another shareholder told the paper that after hard work to turn the store around, investors would be looking for a higher bid.
"If someone wants to come along and offer a blockbuster price for the company, then fine," they said.
"But at the sort of level the consortium seems to be pitching, it's simply not tempting."
The Sainsbury's board has been locked in talks across the bank holiday weekend.
The company is expected to officially respond to the indicative offer on Tuesday, when the London stock market reopens after the Easter break.
The consortium, made up of CVC, Blackstone and Texas Pacific, has been given a "put up or shut up" deadline of April 13 by the Takeover Panel - meaning it has until then to make an official bid.
The group was dented on Thursday when another firm, Kohlberg Kravis Roberts (KKR) pulled out of the consortium.
KKR has also launched a £10.2bn bid for the UK's largest pharmacy firm, Alliance Boots, and is thought to want to focus on that deal.
Any offer would also need the acceptance of the firm's pension trustees.
They want to know that the consortium would be able to plug a large deficit in Sainsbury's pension fund.
Last week the supermarket posted better than expected sales figures for the first three months of 2007.
Like-for-like sales, excluding petrol, for the 12 weeks to March 24 rose 5.9%, beating analysts' predictions.