This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-35469616
The article has changed 11 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Sainsbury's offers £1.3bn for Argos | Sainsbury's offers £1.3bn for Argos |
| (35 minutes later) | |
| Sainsbury's has offered £1.3bn to win control of Argos owner Home Retail Group. | Sainsbury's has offered £1.3bn to win control of Argos owner Home Retail Group. |
| After revealing earlier this month that an approach last year was rejected, the supermarket has offered the equivalent of 161.3p a share for the retailer. | After revealing earlier this month that an approach last year was rejected, the supermarket has offered the equivalent of 161.3p a share for the retailer. |
| The offer represents a 63% premium to Home Retail's share price on 4 January. | |
| A deal will depend on the sale of Homebase DIY chain that Australia's Wesfarmers has agreed to buy for £340m. | |
| Sainsbury's had until 5pm Tuesday to make an offer for Home Retail. | |
| It agreed a three-week extension under takeover rules to carry out due diligence on the Argos owner and now has until 5pm on 23 February to announce a firm bid. | |
| Under the cash-and-shares deal, Home Retail shareholders would receive 0.321 new Sainsbury's shares and 55 pence in cash for each share. | |
| To reflect the proceeds of the Homebase sale, investors would also get about 25 pence per share and payment of 2.8 pence in lieu of a final dividend. | |
| Home Retail shareholders would own about 12% of the combined group if a deal progresses. | |
| Shares in Home Retail closed at 152.9p on Monday. |