Icelandic investment firm Baugur has said it is in "advanced" talks with department store group House of Fraser about a possible £351.5m takeover bid.
Baugur revealed in May that it was in discussions with House of Fraser, which has more than 60 stores across the UK.
Baugur has teamed up with the Bank of Scotland, fellow Icelandic business FL Group and a number of retail entrepreneurs to prepare a bid.
House of Fraser has been considered a bid target for several years.
"Baugur confirms it is in advanced discussions with the board of House of Fraser with a view to making a cash offer at 148 pence per share," the company said in a statement.
However, it added that there can be "no certainty" a deal would go ahead.
Baugur's consortium also includes retail entrepreneurs Tom Hunter, Kevin Stanford, Stefan Cassar and Don McCarthy.
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