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Article: Private equity trio targets Sainsbury
- Article from:
- The Scotsman
- Article date:
- February 3, 2007
- Author:
CopyrightCopyright 2007 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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SHARES in Sainsbury soared yesterday after a consortium of private
equity giants said they were assessing a possible takeover bid for
the company, Britain's third-biggest supermarket group.
The shares jumped 18 per cent before eventually closing the day up
13 per cent or 61.75p at 507p, as CVC, Kohlberg Kravis Roberts and
Blackstone confirmed their interest.
At the highest levels touched, it valued Sainsbury at GBP 9.7
billion, suggesting any takeover bid might be pitched at more than
GBP 10bn.
The private equity firms' move follows a successful three-year
turnaround programme at the company, led by chief executive Justin
King.
CVC, KKR and Blackstone said in a joint statement that they ...