UK supermarket group J Sainsbury is reported to have scaled down its interest in convenience store chain TM Retail, which could result in the deal being called off.
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Sainsbury has been in exclusive talks with TM’s owners, Montagu Private Finance and Electra Partners since February.
However, Sainsbury is now reported to have made an offer for only a small part of the 1,200-store chain, Reuters reported, citing industry sources.
TM, which operates the Martin’s, McColl’s and Forbuoys stores, is believed to have wanted a buyer for the whole chain and thinks Sainsbury’s offer undervalues its best stores.
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