The sale of Borders Australia/New Zealand retail operations appears to be coming to a head. Reuters is reported a source has told them that the Private Equity firm Pacific Equity Partners has lodged an indicative offer of interest in acquiring the operations. This is typical of the auction process where initial non-binding offers would be made as a prelude to more rigorous reviews of financial and operational details. The report also noted that the sale is unlikely to conclude before November. The long timeframe since this was announced is somewhat surprising since there are only a handful of parties considered real candidates but perhaps the time taken to put the books in order and complete the fiscal year delayed matters. Regardless, PEP are the front runner and the deal is expected to be completed for A$100mm.