It appears that Barclays is not on the verge of wrapping up the auction for its iShares business. Bids for iShares came in below the $6.5 billion asking price, prompting Barclays to ask iShares' suitors to resubmit their bids, reports Toby Lewis and Marietta Cauchi of Dow Jones.

"It's alive, but they've asked everyone to rebid because prices were too low," a source close to one of the bidders told the pub.

Barclays is expected to issue a statement this afternoon with an update on the bid process, according to the report.

A source from another bidding party thinks it is unlikely that Barclays would seal a deal until later in the week.  

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