Despite the media whirlwind surrounding UK retailer Sainsbury’s since news spread that private equity firms were considering a takeover bid, a spokesperson for the supermarket chain told just-food that the company is adopting a ‘business as usual’ approach.
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CVC Capital Partners, Blackstone Group and Kohlberg Kravis Roberts & Co have indicated that they are considering a bid for Sainsbury’s in what would be Europe’s biggest leveraged buyout.
It has been widely reported that Sainsbury’s management could be considering turning to the Takeover Panel to enforce a time table for a bid, usually with a six- to eight-week deadline
Refusing to comment on speculation that the retailer is considering forcing the hand of would-be buyers by approaching the UK takeover panel, the supermarket said that it is remaining focused on its aims of delivering quality goods and services to consumers and value to shareholders.
“Management remains focused on delivering outstanding service for customers and long-term value for shareholders,” a representative for the company told just-food. “It is worth remembering, all that has actually happened is some private equity groups have signalled that they are in the very early stages of assessing a bid,” the company added. As to what materialises, Sainsbury’s said: “we’ll just have to wait and see.”
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By GlobalData
