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A new suitor for the Borders bookstore chain's Australasian stores would still need the blessing of the Commerce Commission.
The surprise collapse of A&R Whitcoulls' bid for the upmarket outlets means the five New Zealand and 23 Australian stores are back on the market for another party to make a play.
Many had expressed an interest when the stores were first put up for sale last year as part of a plan to restore the wider Borders Group's diminishing profitability.
Among them were Australian book chain Dymocks, specialist bookseller Berkelouw Books, and New Zealand franchise Paper Plus. Private equity-owned A&R Whitcoulls emerged as the preferred bidder in September.
Technically, clearance from the Commerce Commission is not compulsory, but without it the door is left wide open for any objections - potentially complicating a clean transaction.
The commission "considers applications for the clearance of proposed mergers or acquisitions that might substantially lessen competition in a market, where the applicants wish to obtain protection from legal challenge", a spokeswoman said.
Last November, the commission approved A&R Whitcoulls' bid for Borders. Talks between the US-based Borders Group and A&R Whitcoulls fell through over disagreements about the make-up of the company's future ownership.
