Des Moines, Iowa--Burger King's U.S. franchisee association, which operates most of the chain's restaurants, is working with Texas Pacific Group to put together a bid for the brand. Burger King owner Diageo PLC has been soliciting offers for the chain, and the franchisee association believes Texas Pacific would be the best owner.

Texas Pacific, a private equity firm in Fort Worth, Texas, has long been mentioned among the possible bidders for Burger King. Though Texas Pacific Group has not made a firm bid for the chain, a representative for the franchisee association believes the company is serious about acquiring Burger King.

Diageo PLC is hoping to fetch $2.3 billion or more for the world's second-largest hamburger chain. While Texas Pacific is perceived to have the inside track, other suitors say Texas Pacific might not have Burger King its way: "Diageo will seek a competitive process because it wants the best price," says one rival bidder. -Dow Jones/NYPost.com