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Article: Private-equity trio mull [pound]10bn takeover bid for Sainsbury's ; BUSINESS

Article from:
The Independent (London, England)
Article date:
February 3, 2007
Author:
Copyright

Three private-equity firms revealed they are mulling a [pound]10bn bid for J Sainsbury yesterday, putting a rocket under shares in the supermarket group and other retailers.

KKR, CVC Capital and Blackstone said they were at the "preliminary stages of assessing" an offer for Britain's third- biggest supermarket chain.

Shares in Sainsbury's leapt 14 per cent to 507p, after hitting an intra-day high of 526.5p, valuing the group at [pound]8.7bn.

The private-equity firms were forced to show their hand after feverish bid speculation triggered by the sale on Wednesday of 40 million Sainsbury's shares by a blind trust run on behalf of Lord Sainsbury of Turville, the former science minister.

The ...

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