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Two of the four shortlisted bidders for TmaxSoft may withdraw from the bidding process, possibly reducing competition between potential buyers interested in acquiring a controlling stake in the South Korean enterprise software company.

Among the bidders to have advanced to the final round of bidding are MBK Partners, SkyLake Equity Partners, Macquarie Korea Asset Management and cloud managed service provider Bespin Global. They have been conducting detailed due diligence since early November.

MBK Partners could have become less interested in acquiring TmaxSoft, industry insiders said. The private equity firm is nearing a deal to buy Seoul-based ecommerce platform operator KoreaCenter, which agreed last week to acquire price comparison service provider Danawa, one of the oldest ecommerce platforms in South Korea.

MBK Partners is considering taking a controlling stake in KoreaCenter by purchasing fresh shares issued by the company, according to sources. The deal, if signed, would be in line with the private equity firm’s latest focus on online commerce.

MBK Partners is also in advanced talks to acquire the management rights in Dongjin Textile, South Korea’s top shoe fabrics maker, with the size of the deal expected to be as big as more than 800 billion won ($678 million).

Macquarie is likely to pull out as well, according to sources. It had been named as one of the frontrunners in the bidding race given its focus on smart infrastructure and its minority stake in LG CNS, which could potentially create synergies with TmaxSoft.

With the reduced interest from potential buyers, the bidding race is expected to be a two-way battle between Bespin Global and SkyLake Equity Partners. TmaxSoft and sale adviser Samjong KPMG are expected to receive final bids and pick a preferred buyer as soon as this month. (Reporting by Seon-young Kim)