Mitsubishi-owned UK-based food and drink group Princes is looking likely to be sold for around £700 million (€809.4 million/$857.4 million), as a bidding battle between three global investment firms heats up and enters the final stages, according to a report in The Grocer.

In January, it was reported that Japanese conglomerate Mitsubishi had hired investment bank Houlihan Lokey to explore a potential sale of Princes, a major player in the shelf-stable category in the UK, including in canned seafood.

The process was reportedly paused in June, after early bids fell £200 million (€231.3