* SAI put itself in play after $1 bln offer from PEP

* Talks failed over value of industry standards publishing ops

* Says still looking at proposals for parts of its business

* Shares slide, trade at 22 pct discount to PEP offer

By Byron Kaye

SYDNEY, Sept 17 (Reuters) - Australia's SAI Global Ltd , a compliance advisory firm that put itself in play after a $1 billion private equity approach, said it had received no final bids for the whole company, sending its shares tumbling.

SAI opened its books to interested parties after Pacific Equity Partners (PEP), Australia's biggest private equity firm, made an indicative offer of up to A$1.1 billion ($1 billion) in May. It later said it was talking to multiple parties although PEP and KKR & Co LP, a partner PEP later brought in, were the only publicly named suitors.

While talks for the full company have fallen through, SAI said it would look at proposals from a number of interested parties to acquire one or more of its underlying businesses. It did not name those parties or the businesses.

SAI shares slid 8 percent to trade at A$4.08 in mid-session, a 22 percent discount to PEP's initial indicative offer of up to A$5.25 per share. The stock was headed for its lowest close since March 3.

Talks with PEP/KKR broke down over the valuation of its industry standards publishing business, SAI said in a statement. The division currently has the rights to publish and distribute guidelines for a wide range of business sectors issued by Standards Australia, but that contract is due for renewal in 2018.

Representatives for PEP were not immediately available for comment.

Australian media have reported that Carlyle Group participated in the bidding. Carlyle has declined to comment on the reports.

In addition to its contract with Standards Australia, SAI sells compliance advice to some two dozen business sectors globally ranging from aerospace to medical equipment. Currently led by Executive Chairman Andrew Dutton, it has been without a CEO since the last one was ousted just four months into his contract - the same day as the PEP approach.

In the past financial year, it returned to a net profit. Excluding one-off costs, annual net income rose 6.3 percent to A$45 million and SAI expects to improve its performance this financial year as new management pushes ahead with restructuring.

Macquarie Group Ltd is advising SAI. (1 US dollar = 1.1011 Australian dollar) (Reporting by Byron Kaye; Editing by)