Subway Sale Process Heats Up as Bidders Head to Second Round

An auction of the Subway sandwich chain is heating up as suitors head toward a second round of bidding, people familiar with the matter said. 

The first pool of bids were lodged in March, and several interested parties have already been thrown out by the company’s advisers for offering too little, the people said. Subway is aiming for a valuation of $10 billion or more. There is no guarantee it will achieve that number or a deal.