A rival of The Warehouse Group could play a crucial role in deciding whether a takeover goes ahead

An Australian private equity firm has made a formal takeover offer to The Warehouse Group - which would give founder Sir Stephen Tindall greater control.

It needs approval from the owners of 75-percent of the shares - which aren't held by Tindall, directly or indirectly.

JMI Wealth Director Andrew Kelleher says that includes David and Anne Norman's James Pascoes group, which owns Farmers, Whitcoulls and Pascoes.

He says the Normans and other major shareholders now become the king-makers in this transaction.