Sainsbury’s takeover plans dropped

The private equity consortium looking to buy Sainsbury’s has scrapped its plans after admitting it could not make an offer the supermarket’s board would accept.

CVC Capital Partners, Blackstone and TPG Capital said in a statement that after discussions with the Sainsbury’s it “became clear” they would not be successful in purchasing in the company.

The consortium was rumoured to have upped its bid to 582 pence per share earlier this week, but the Sainsbury family, which owns 18% of the company, was said to want at least 600 pence per share.

In a statement Sainsbury’s said it was committed to completing its recovery plan and is already delivering an improving performance.

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