Iceland retail boss Malcolm Walker is facing a battle with two private equity firms over the chain he founded more than 40 years ago.
With Morrisons and Asda now unlikely to bid, Mr Walker remains in the £1 billion auction alongside BC Partners and Bain Capital, reports said.
Mr Walker, who with other members of the senior management team owns a 23% stake in the company, told the Sunday Times that he had rejected multiple approaches to work with private equity on a bid.
He said: "I've worked independently my entire career and the idea of working for other people is just too difficult.
"I thought long and hard and I'm now 100% sure it's the right thing for us to do this alone.
"If I can buy the business with my management team, I will do that at the right price. If not, we'll sell our shares and move on."
Mr Walker's bid team has lined up £150 million of backing from a Canadian pension fund to buy the business, which has nearly 800 stores and was put up for sale last year with a price tag of up to £1.5 billion.
Mr Walker is not expected to submit a bid ahead of Tuesday's deadline as existing shareholder agreements give him 42 days to match any existing offer.
The retailer is being sold off by creditors to Icelandic bank Landsbanki, the collapsed bank that took control of the chain in 2008. Iceland has boomed since the economic downturn as consumers consider frozen food as good value for money.
Save money on shopping
Save money on shopping
Iceland boss faces battle for chain
This takes time, but once you know the cost of a phone call, putting the dryer on, or a bag of potatoes, it enables you to judge far better how much you can afford to consume.
Once you know the base price, you are in a position to keep your eyes open for a better offer. If you see a discount you can judge for yourself whether it actually constitutes a bargain. For bigger things like utilities it enables you to do a proper price comparison and see if you can cut your bills.
Don't just assume that the premium range is better, try the every-day brand, or even the basic version and see if you spot the difference. Likewise, consider trading down your supermarket from one of the big players to local markets or discounters like Aldi.
If you plan what you buy to match what you actually cook and eat then not only will you be able to budget far more effectively, but you'll also waste much less and find your money goes further without you having to try.
If you can't think of a way to get your meat for less, consider a vegetarian day once a week. If you can't find petrol any cheaper, then work on making your driving as efficient as possible. The more you can think of clever alternatives the less you will have to make painful cuts to make ends meet.