Investment group Cinven reportedly remains interested in acquiring Telekom Slovenije, after the country’s privatisation regulator SDH rejected its revised bid for the company.

The long running deal looked to be nearing completion after the state initially accepted Cinven’s bid last week, valuing the company at up to $850 million, only to later reject an amendment to the offer which was filed on the same day.

According to local media, Cinven tried to add a condition which would see it retain a part of the purchase price until regulators approve Telekom Slovenije’s sale of its Macedonian subsidiary.

SDH said yesterday it had now rejected the offer and would not accept additional conditions from Cinven’s bid, originally submitted on 20 May.

In response, Cinven today opened up the possibility of resuming negotiations with Slovenia after releasing a statement, seen by Reuters, confirming it “remains interested in the privatisation of Telekom Slovenia and is open to re-evaluate the situation in the coming weeks”.

The latest quarrel between the two reportedly involves Telekom Slovenije’s sale of its Macedonian unit to Telekom Austria, with market regulators due to decide on whether to approve the deal by 9 July this year.

Cinven has been involved in negotiations with SDH since early May, and its first bid was also rejected by the state after politicians claimed it was selling the company on the cheap.

Reuters reports Cinven will now wait until the future of the company’s Macedonian unit is clear, before again re-evaluating the bid.

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