(Bloomberg) -- A consortium led by KKR & Co. has reaffirmed its takeover offer for Australian private hospitals operator Ramsay Health Care Ltd., according to people familiar with the matter.

The private equity firm and its partners submitted confirmation last week of the A$20.1 billion ($14 billion) indicative offer, one of the people said, asking not to be identified as the information is private. KKR’s group expects to continue due diligence and could submit a binding bid as soon as in the coming weeks, the people said. 

There is no certainty the two sides will reach a deal and talks could still fall apart, the people said. The confirmation was first reported by the Australian Financial Review. A representative for the KKR consortium declined to comment, while Ramsay didn’t immediately respond to requests for comment.

The offer comes amid concern about the outlook for dealmaking as global markets slump. Private equity firm CVC Capital Partners walked away on Tuesday from a potential bid for Australian pallet-shipping business Brambles, worth about A$15.4 billion.

KKR has been in talks with Ramsay, which operates a network of private hospitals across Australia and Europe, since April to come up with a binding agreement following the indicative A$88 per share offer for the company that marked about a 37% premium to Ramsay’s prior price. Ramsay shares climbed as much as 3.8% on Thursday in Sydney to A$81.58 each. 

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