Sainsbury’s shares tumbled today amid reports that two private equity groups have pulled out of the consortium weighing up a bid for the supermarket giant.

Texas Pacific Group and Blackstone are understood to be the latest parties to withdraw from the consortium, which has been eyeing a potential #10 billion offer.

The move comes as a further blow to the troubled takeover attempt, just days after Kohlberg Kravis Roberts pulled out. CVC Capital Partners is now thought to be the only remaining bidder left from the original consortium.

The bid group is believed to have improved its offer to 582p a share over the weekend, but there is said to be resistance to a sale at below 600p a share from the grocery chain’s largest shareholders, the Sainsbury family.

Sainsbury’s shares were 4% lower at 538p today as investors digested developments.

CVC was not immediately available for comment.