J Sainsbury is willing to extend the deadline set for a bid from a private equity consortium, as long as “meaningful discussions” continue, chairman Philip Hampton has stated.
As reported in The Times, Hampton said he was prepared to extend the ‘put up or shut up’ deadline set for the CVC-led group, “as long as they were not wasting our time”.
The report said his comments indicated a willingness from the Sainsbury’s board to accept a bid, although a preference not to drag out proceedings any longer than necessary.
The CVC consortium, that also includes Kohlberg Kravis Roberts & Co (KKR), Blackstone Group and Texas Pacific Group, currently has until April 13 to proffer a formal bid, under the Takeover Panel’s ruling.
It is understood to be awaiting a response from the trustees of Sainsbury’s pension fund, having offered to make an up-front payment into the fund and a commitment to clear the remaining deficit over a number of years.
Another, US-led, private equity consortium, including Bain Capital and Apollo Management, is also understood to be exploring the possibility of a bid.
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