U.S. private equity firm KKR & Co LP (KKR.N) is preparing a potential consortium bid for Australia’s Quintis Ltd (QIN.AX) backed by the sandalwood plantation group’s managing director, a source said.

The source, who was not authorised to speak publicly, told Reuters that a consortium was being formed with the aim of presenting a formal proposal to the Quintis board within weeks.

“Several parties are stepping forward,” the source said.

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