Sainsbury reserves right not to proceed with formal bid for Home Retail
Sainsbury cautioned investors it might not go ahead with a formal bid for Home Retail Group.
Food & Drug Retailers
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17:30 03/09/24
Sainsbury (J)
292.60p
16:45 20/09/24
However, the company simultaneously backtracked on the conditions announced on 2 February for any such bid; namely, the completion of its due-diligence of its rivals' books and a recommendation from its own Board of Directors to proceed.
“Sainsbury's wishes to clarify that these pre-conditions are waivable.”
“There can be no certainty that Sainsbury's will proceed with an offer for Home Retail Group even if the pre-conditions are satisfied or waived,” the company said in a statement issued on Thursday.
As of 14:44GMT shares in Home Retail Group were rising by 0.22% to 180.40p and those in Sainsbury by 2.14% to 267.60.