The UK Takeover Panel is reportedly planning to force a second private equity consortium believed to be circling UK retailer Sainsbury’s out of the woodwork.
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The regulatory body is expected to order the consortium, made up of US private equity groups Bain Capital, Apollo Management and Vornando Realty, to clarify whether or not it intends to bid for the UK’s third largest retailer.
According to a report in The Observer newspaper, one unnamed source said: “The Panel will demand they make clear their intentions to avoid the accusation that the authorities are allowing a false market to develop in Sainsbury’s shares.”
Shares in Sainsbury’s reached an eight-year high on Friday (16 March) after rumours of further private equity interest emerged, closing at 556 pence. Share value dropped in morning trade today, down 0.99% to 550 pence at time of press.
Sainsbury’s declined to comment on the speculation. “We remain focused on serving our customers and delivering returns to shareholders,” a spokesperson told just-food. “We do not comment on market rumours.”
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