Private equity bidders who have been circling retail chain Sainsbury’s for the past month have been given until 13 April to declare a firm intention to make an offer for the UK’s third largest supermarket operator.
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The deadline for making a move on the retailer was imposed yesterday (6 March) following an appeal to the Takeover Panel from Sainsbury’s advisors.
A private equity consortium made up of CVC Capital, Kohlberg Kravis Roberts, Blackstone Group and TPG Capital first announced it was looking into the possibility of making a bid at the beginning of February. The news has caused Sainsbury’s shares to skyrocket over the past month, increasing in value from 455 pence (US$8.78) on 2 February to 534.69 pence at time of press.
Following discussions with advisors to both parties, the regulatory body has effectively told the private equity consortium that it must ‘put up or shut up’ with regard to a move on Sainsbury’s.
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