In response to recent speculation, UK retail group Marks and Spencer Group (M&S) has said that it does not intend to make a takeover bid for the Sainsbury’s supermarket chain.
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M&S released a statement confirming that its board had been “considering its position in relation to a possible combination with Sainsbury” but had decided that it “does not intend to make an offer for Sainsbury at this time”.
However, the retailer pointed out that under the City Code on Takeovers and Mergers it had the right to make a bid or participate in an offer that would otherwise not be permitted, within the next six months under certain conditions.
Those conditions included a recommendation from Sainsbury’s, an announcement by CVC, KKR and Blackstone of a firm intention to make an offer, or if Sainsbury announces receiving such an offer.
Rumours first surfaced that M&S was considering a counter bid for the UK’s third largest grocery chain on 8 February, following news that CVC, KKR and Blackstone were assessing the company.
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By GlobalData
