Philip Green, the retail entrepreneur who is currently chasing Marks & Spencer, reportedly made an offer for supermarket group J Sainsbury before setting his sights on food and clothing retailer M&S.
Green, who owns retail companies Bhs and Arcadia, is reported to have discussed a possible takeover of Sainsbury’s in May last year with then CEO Sir Peter Davis, reported the Guardian.
Green is believed to have discussed a 330p per share offer with Davis, which would have valued Sainsbury’s at around £6.5bn (US$11.9bn). Davis is understood to have informed the company’s board of the approach but did not give his support for the offer, the newspaper said.
Davis, who moved from CEO to chairman of Sainsbury’s in March this year, left the company last week amid a row with shareholders over his bonus pay.
