Shares In UK Chain Sainsbury's Jump 11% On Report Of Buyout Interest
Shares in Sainsbury's jumped 11% to a three-year high on Monday as private equity companies are circling British supermarket group with a view to possibly launching bids of more than £7 billion ($9.53 billion), The Sunday Times reported.
American buyout giant Apollo is said to be running the rule over the supermarket group, the newspaper reported.
It remains in talks to join the Fortress-led consortium bidding for Morrisons and any involvement in that deal may preclude a move for Sainsbury's, the report said, adding Apollo's interest in Sainsbury's is exploratory.
British supermarket group Morrisons said on Thursday its board would unanimously recommend U.S. private equity group CD&R's 285 pence a share offer worth £7 billion and drop its previous recommendation for a £6.7 billion bid from a consortium led by SoftBank owned Fortress.