Vivendi SA is eyeing strategic buyers for a stake in Universal Music Group Inc. after some potential bidders were turned off by the price the company was seeking, Bloomberg News reported May 22, citing sources with knowledge of the matter.

The French company has reportedly set the minimum value for the business at $28 billion to $33 billion, the people said.

Private equity firms and sovereign wealth funds who were earlier interested in the potential sale have postponed efforts until Vivendi gives a confirmation that a sale will push through, two of the sources said. A Vivendi spokesperson, however, said the sale will push through based on the planned timing.

Vivendi also reportedly held discussions with Tencent Holdings Ltd. for a minority investment, but raised concerns that a transaction with a Chinese company may cause concerns for U.S. officials.

Other companies that expressed interest in Universal Music include global investment firm KKR & Co., Apple Inc., Liberty Media Corp. and Alibaba Group Holding Ltd.

Despite receiving a number of pitches, Vivendi has yet to formally hire advisers, the sources said. Potential advisers have suggested to gauge interest for a sale of a majority stake in the music company.