Buyout firms Pacific Equity Partners and Unitas Capital plan to retaliate against Asahi's suit over Independent Liquor's $1.5 billion price tag.

The board of trans-Tasman cleaning group Spotless has relented on its $A2.80-a-share demand to recommend a sale to Australia’s Pacific Equity Partners at  9 cents lower.

The Kiwi snack food business is up for sale, according to sources. 

Redgroup Retail administrators Ferrier Hodgson say no New Zealand bookstores will be closed in the initial part of the company's restructuring.

The private equity owner of the Hoyts cinema chain, one of the smaller exhibitors in New Zealand, is said to be planning a share float later in the year.

Pacific Equity Partners has also been reported to be considering a public share sale of its book retailing interests, Red Group Retail, which owns the Whitcoulls and Borders stores in New Zealand.

Australian news reports say PEP has invited several investments banks, including UBS, Macquarie and Goldman Sachs JBWere, to provide an initial market valuation of the business.