Sainsbury Granted More Time to Plot Next Move for Home Retail

  • U.K. regulator gives Sainsbury new deadline of March 18
  • Extension granted after Steinhoff outbid U.K. grocer

U.K. regulators gave J Sainsbury Plc more time to make a formal offer for Home Retail Group Plc in the wake of a surprise counter-bid from Steinhoff International Holdings NV.

A deadline for the U.K. grocer to bid for the Argos stores owner has been extended by more than three weeks to 5 p.m. London time on March 18, the companies said in a statement Tuesday. That’s the same deadline as Steinhoff.

Sainsbury’s pursuit of Home Retail received a setback last week after Steinhoff trumped its offer with a 1.4 billion-pound ($2 billion) bid.