By Karlee Weinmann (August 27, 2013, 1:55 PM EDT) -- The owner of Hong Kong supermarket chain ParknShop booted private equity mainstays KKR & Co. and TPG Capital from the auction process after being disappointed by the firms' bids, Reuters reported on Tuesday. The exits of New York's KKR and Texas-based TPG trim the big-name cache that has surrounded the sale for weeks. Still, up to five other bidders are still working to hammer out terms with Hutchison Whampoa Ltd., which is seeking as much as $4 billion through the sale. But it appears that the strategic bidders still in the running could edge out their private equity counterparts — the highest private equity offer in the most recent bidding round clocked in at just $2.6 billion, falling significantly short of the seller's expectations. Regional retailers China Resources Enterprise Ltd. and Aeon Co. Ltd. are reportedly among the contenders....
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