Cinven’s proposed acquisition of state-owned Telekom Slovenije is in doubt after SDH, the state investment firm coordinating the sale, rejected an unspecified amendment to the bid.

Reuters reports that SDH accepted Cinven’s second bid yesterday, valuing Telekom Slovenije at up to $850 million, but rejected an amendment that was filed later, claiming that the sale contract had yet to be agreed.

Cinven has since released a statement which suggests that the clause could be a deal breaker.

“Cinven considers the amendment an integral part of the offer, without which Cinven would not be able to proceed towards completing the transaction,” it said.

According to local media sources, the amendment, which has not been officially disclosed, would allow Cinven to retain part of the purchase price until two other deals involving Telekom Slovenije are approved by regulators.

These include the company’s proposed acquisition of mobile operator Debitel and the sale of its Macedonian subsidiary.

Cinven’s first bid for a 72.75 per cent stake was filed in May, which was later revised after Slovenian politicians claimed the original offer was too low.

Cinven then set the government a deadline of 10 June to decide on the bid, which has seemingly been adhered to. The company has also reportedly sought financing help to complete the acquisition from the European Bank of Reconstruction and Development (EBRD).

Telekom Slovenije has been up for sale since 2013, after the state earmarked 15 companies for privatisation. So far, only four have been sold.