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You can find the current article at its original source at http://www.theguardian.com/business/2016/mar/03/sainsburys-signals-possible-hostile-bid-for-home-retail
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| Version 2 | Version 3 |
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| Sainsbury's clarifies it is able to make hostile bid for Home Retail | Sainsbury's clarifies it is able to make hostile bid for Home Retail |
| (35 minutes later) | |
| Sainsbury’s has clarified that it is able to go hostile in its bid for Argos-owner Home Retail Group, following a request from the Takeover Panel. | |
| The supermarket group had agreed a possible £1.4bn cash and share offer for Home Retail in February, but South Africa’s Steinhoff International then gatecrashed the deal with a £1.42bn bid of its own. | The supermarket group had agreed a possible £1.4bn cash and share offer for Home Retail in February, but South Africa’s Steinhoff International then gatecrashed the deal with a £1.42bn bid of its own. |
| Home Retail subsequently said it was reviewing the position and advised shareholders to take no action. Analysts said the Steinhoff bid could be more attractive to Home Retail investors because it was all cash. | Home Retail subsequently said it was reviewing the position and advised shareholders to take no action. Analysts said the Steinhoff bid could be more attractive to Home Retail investors because it was all cash. |
| Sainsbury’s has been given until 18 March to decide whether to make a firm bid for Home Retail, and is currently going through its books. | Sainsbury’s has been given until 18 March to decide whether to make a firm bid for Home Retail, and is currently going through its books. |
| Related: Sainsbury's given 18 March deadline for new Home Retail bid | Related: Sainsbury's given 18 March deadline for new Home Retail bid |
| Now, in a statement to the Stock Exchange, Sainsbury’s made clear it could waive pre-conditions relating to due diligence and – crucially – that any bid would have the recommendation of the Home Retail board. But it added: “There can be no certainty that Sainsbury’s will proceed with an offer for Home Retail even if the pre-conditions are satisfied or waived.” | Now, in a statement to the Stock Exchange, Sainsbury’s made clear it could waive pre-conditions relating to due diligence and – crucially – that any bid would have the recommendation of the Home Retail board. But it added: “There can be no certainty that Sainsbury’s will proceed with an offer for Home Retail even if the pre-conditions are satisfied or waived.” |
| The clarification is designed to ensure the market understands the two potential bids are on a level playing field. | The clarification is designed to ensure the market understands the two potential bids are on a level playing field. |
| Sainsbury’s shares are currently 6p higher at 268p while Home Retail – which completed the £340m sale of its Homebase business to the Australian group Wesfarmers at the end of last week – is 0.8p higher at 180.8p. | Sainsbury’s shares are currently 6p higher at 268p while Home Retail – which completed the £340m sale of its Homebase business to the Australian group Wesfarmers at the end of last week – is 0.8p higher at 180.8p. |