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LONDON (Alliance News) - J Sainsbury PLC on Thursday clarified that some pre-conditions on its potential offer for Home Retail Group PLC are waivable, although it reiterated there can be no certainty it will proceed with an offer even if the conditions are satisfied or waived.
Specifically, it had previously said any firm offer under the UK Takeover Code would be subject to, amongst other things, satisfactory completion of due diligence and recommendation from Home Retail's board of directors. On Thursday, the grocer clarified that these pre-conditions are waivable.
Sainsbury's has until March 18 to make a firm offer for Home Retail or walk away. It had been in talks for a potential offer for the Argos owner, with an overall value of its current offer implying a price of around 161.3 pence per Home Retail share. However, this potential deal was disrupted by an offer from South African furniture chain Steinhoff International Holdings NV at around 175.0p, much higher than Sainsbury's deal.
Steinhoff also has disrupted a potential deal between electrical goods retailer Darty PLC and French peer Groupe Fnac SA, making a rival offer for Darty on Wednesday.
Shares in Sainsbury were up 2.0% at 267.20 pence, whilst those of Home Retail were up 0.4% at 180.80 pence Thursday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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