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Sainsbury's granted Home Retail Group offer deadline extension

Sainsbury's glass - RC - Sainsbury's glass- shutterstock_274282145 725 x 500

Home Retail Group has published an announcement confirming that Sainsbury's has been granted an extension to the initial offer deadline of 5.00pm on 23rd February 2016.  

The full text of the announcement can be found below:

Home Retail Group plc - Extension of PUSU Deadline

On 2 February 2016, the Boards of J Sainsbury plc ("Sainsbury's") and Home Retail Group plc ("Home Retail Group") announced that they had reached agreement on the key financial terms of a possible offer for Home Retail Group by Sainsbury's. The announcement stated that any firm offer (a "Firm Offer") in accordance with Rule 2.7 of the City Code on Takeovers and Mergers (the "Code") would be subject to, amongst other things, satisfactory completion of due diligence and the recommendation of Home Retail Group's Board of Directors, and would be subject to a deadline of 5.00pm on 23 February 2016 (the "PUSU Deadline").

The Board of Home Retail Group has requested that the Panel on Takeovers and Mergers (the "Panel") extend the PUSU Deadline. In the light of this request, an extension has been granted by the Panel and in accordance with Rule 2.6(a) of the Code Sainsbury's must, by no later than 5.00pm on 18 March 2016, either announce a Firm Offer or announce that it does not intend to make an offer for Home Retail Group, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.

There can be no certainty that Sainsbury's will proceed to make a Firm Offer for Home Retail Group. A further announcement will be made in due course.

Image: 1000 Words /

Source : Home Retail Group 


22 February 2016

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