CVC Capital Partners is expected to ask equity investors to invest more for PT Matahari Department Store than a tentative bid for the retailer by Aeon Co., sources said.

Aeon proposed to offer about $2.6 billion last month for the department store, which is the biggest investment of CVC in Southeast Asia. People familiar with the matter said that 40% of the stake may be sold for as much as $1.5 billion in stock offering, valuing the Indonesia-based department store chain at as much as 44% more than the offer of Aeon, which withdrew the bid on January 15 because it thought CVC's enterprise value at $3.5 billion for the asset was too expensive.

According to Masaaki Toyoshima, Aeon's business development executive, the price sought by CVC was 15 times higher than the estimated earnings of Matahari before interest, depreciation and amortization for the current year.

Furthermore, CVC is looking for about $3 billion in its 4^th Asia fund in 2013, sourced revealed.