Bids are understood to range from Euro155m to Euro185m.

Industry sources have said that their two main Irish rivals UTV and Communicorp, which entered a surprise lastminute indicative bid for the stations, both face competition issues.

It is widely expected that both the Broadcasting Commission of Ireland (BCI) and the Competition Authority will reject any successful bid from the Denis O'Brien-controlled company unless it agrees to sell at least one of its Dublin stations.

It is also understood that UTV may be concerned that it may not be able to secure Competition Authority approval for any potential takeover.

Meanwhile, it is understood that both TV3 and the Irish Times are quietly confident about their chances of success. Contrary to other reports, TV3's bid is being led by its management in Dublin, with significant financial backing from its private equity owner Doughty Hanson.

It is understood that the station is particularly interested in Today FM, where it feels it can achieve significant synergies with its current operations.

However, sources have indicated that neither TV3's management nor Doughty Hanson are willing to get into a frenzied bidding battle with their rivals. "It's not the be all and end all for them, " said a source.

The Irish Times, however, is understood to be more bullish and industry sources said that the group relished the prospect of taking on private equity houses at their own game. Excluding TV3's Doughty Hanson-backed bid, there are two foreign private equity players involved - an as yet unidentified British operator and an alliance between former Scottish Radio Holdings boss Richard Finlay and another private equity concern.