UK retailer Sainsbury’s has declined to comment on suggestions that the company would be prepared to see the deadline set by the Takeover Panel for a private equity bid extended, provided “meaningful discussions” between the groups continue.
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The consortium, which is made up of CVC, Kohlberg Kravis Roberts (KKR), Blackstone and Texas Pacific Group, first indicated its interest in the retailer at the beginning of February. The private equity groups currently have until 13 April to make a formal bid under the Takeover Panel’s ruling.
According to a report in The Times today (21 March), Sainsbury’s chairman Philip Hampton said that he was willing to ask for the “put up or shut up” deadline imposed on the consortium at the behest of the retailer to be extended. He is quoted as saying he would consider such action “as long as they were not wasting our time.”
Another consortium, comprising US private equity firms Bain Capital and Apollo Management, are also understood to be exploring the possibility of a bid.
Sainsbury’s told just-food: “We are not able to comment on rumour and speculation. We are seeking what is in the best interests for our shareholders and customers.”
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