Anheuser-Busch InBev (ABI.BT) is seeking binding bids by mid-July for its Central and Eastern European operations, after CVC Capital Management sent the brewer an unsolicited approach for the businesses, people familiar with the situation said Tuesday.

The London-based buyout shop approached the brewing giant with an offer triggering an auction process to get what the company hopes is a "fair" and "best" price, people said.

Other sponsors interested in the assets include U.S. private equity firms Kohlberg Kravis Roberts, TPG and Warburg Pincus, along with CVC's local rival Cinven Group Ltd., people said.

The auction is unlikely to attract many strategic buyers, people said.

However, Efes Breweries International N.V. (EBID.LN) has expressed interest, people said, and SABMiller PLC (SAB.JO) may also be interested but could have antitrust issues in the Czech Republic.

Other trade players such as Carlsberg A/S (CARL-A.KO) and Heineken Holding N.V. (HEIO.AE) are digesting acquisitions and trying to pay down debt, which may prevent them from bidding.

The process is being run under a tight timeframe with information packages due out within the next week or so, the people added.

Analysts said that a sales price of EUR2 billion just for AB InBev's Central European business, excluding Russia and Ukraine, would be reasonable. AB InBev sells about 15 million hectolitres of beer annually across the seven countries - Bulgaria, Romania, Hungary, Czech Republic, Croatia, Serbia and Montenegro.

The company's two largest markets in the region, Russia and Ukraine, aren't included in the sale, people said.

Further, the brewer is no longer under pressure to sell assets after reaching a deal to sell its South Korean brewing business to Kohlberg Kravis Roberts for $1.8 billion in April. The company has also refinanced billions in short-term debt in the bond market over the last several months.

For private equity buyers, beer is a good business to lend against but financing is still tricky with debt remaining hard to come by. Lenders will also have to be comfortable with the range of jurisdictions in which the assets are located, one of the people said But a debt package amounting to EUR600 million to EUR800 million is possible, this person added.

Barclays PLC (BCS) is advising AB InBev on the sale. InBev declined to comment. Barclays wasn't immediately available to comment.

-By Marietta Cauchi, Carol Dean and Matthew Dalton, Dow Jones Newswires; +44 207 842 9241;