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Network Journal 2007 Issue 6 Nov/Dec |
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Sainsbury’s bid collapses after Delta Two exit
Private equity’s pursuit of supermarket chain Sainsbury’s ended in November after the Qatar-owned investment fund Delta Two walked away from a potential deal.
A spokesman for Delta Two blamed tighter credit markets and the cost of persuading the Sainsbury's board and pension trustees to accept the takeover offer.
Delta Two still own 25 per cent of the company's shares which it says it will hold on to.
Property tycoon Robert Tchenguiz holds ten per cent while the Sainsbury family hold 18 per cent in shares.
More than £2bn was wiped off the value of the shares when news of the aborted takeover broke. Delta Two had offered £10.6bn for the company in July but protracted talks and resistance from the Sainsbury family saw the deal collapse in early November.
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