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A private equity consortium led by CVC placed a 10 billion stg bid to take over supermarket chain J Sainsbury PLC. Sources close to the takeover talks report that the bid will be receive by the end of next week. The two companies are expected to come to an agreement that Sainsbury’s pension deficit fund has a value of 1 billion stg this will pave the way for a bid to be placed.
The intended offer placed in expected to be somewhere in the neighborhood of 570 to 580 pence for each share.
The lead pension fund trustee for Sainsbury has stated that if a bid is to be made coming from the CVC led consortium that it must definitely pay 1 billion stg into Sainsbury’s pension fund. This amount is more the double what the fund’s current deficit currently sits at.
No comment was available from the company.
During the previous month, members from the CVC group gave the confirmation that they were indeed going to be making an assessment to see if it was worth making a bid on Sainsbury.
April 13th is the deadline for some type of action to be taken.
20:03
Posted on Apr-01-2007
