Whether PEP or KKR lands Arnott’s a key question is how they treat the businesses. Cut or invest? Arnott’s is in the midst of a major innovation and growth programme that has seen it push brands into a bunch of different areas as it bids to take on global rivals, such as Cadbury, Mars and Mondelez – putting biscuits into ice cream and expanding into chocolate blocks, for example. That programme is at full run across savoury, confectionary and snacks, and there is even a quiet trial into direct-to-consumer models via The Other Brother.

PEP’s deal for Pinnacle, merging it with Allied Mills, saw some investment along the way to creating a scaled business sold to Japan’s Nisshin Foods earlier this year. That suggests the company does not necessarily adhere to the classic PE strategy of cut deep and maximise profit.

If it lands the deal, the challenge is how PEP enables Arnott’s to continue its growth programme while unlocking the windfall that every PE player ultimately seeks.