Coles Myer, Australia's largest retailer, has received a “highly conditional proposal” for the company from a consortium of private equity buyers.

Reports suggest that private equity groups Carlyle, Newbridge Capital, Kohlberg Kravis Roberts and CVC Asia Pacific could be behind the approach.

Rick Allert, chairman of Coles Myer, said: “The board will undertake proper consideration of the proposal and will not be pressured by market speculation to take actions which would not be in the best interest of shareholders.”