Subway Sandwiches: The Latest Menu Item on Billionaire Investors' Plates

A bidding war has started for the auction of the sandwich chain, Subway, with suitors heading toward the second round of bidding.
There are over 10 possible suitors, including some big private equity companies, WSJ reported.
Subway is seeking a valuation of $10 billion or more. The company's advisors have eliminated several interested parties for offering a low valuation in the first pool of bids last month.
The prospective buyers are performing due diligence, which should draw to a close by month's end.
The final bids are expected to take place around April-end, and Subway can get a buyer by the end of May.
Subway has raised the forecast for EBITDA and expects to report detailed strong business performance in the coming weeks, as stated by the management in a meeting with possible buyers.
In January, Subway confirmed that it seeks a $10B deal and working with JPMorgan Chase & Co.
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