Sainsbury Closer to Investor Showdown on Home Retail Bid: ChartBy
Steinhoff’s $2 billion counter-bid for Home Retail Group means J Sainsbury is a step closer to having to ask its own shareholders for permission to buy the Argos owner. A U.K. rule requiring a bidder to gain investor approval when the price exceeds 25 percent of its own market value would be triggered should Sainsbury offer more than 186 pence a share, according to Sanford C. Bernstein analyst Richard Clarke. “It’s something Sainsbury’s would want to avoid” as some investors “are quite opposed to this deal,” Clarke said.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Ivanka Trump Faces Courtroom Showdown Over $785 Sandals
- Uber Losing Battle in London After Regulator Revokes License
- Mercedes Plots Tesla Attack With $1 Billion U.S. Electric Push
- Hewlett Packard Enterprise Is Said to Plan About 5,000 Job Cuts
- How Electric Cars Can Create the Biggest Disruption Since the iPhone