1st Feb 2016 13:40
LONDON (Alliance News) - J Sainsbury PLC is close to reaching an agreement to acquire Home Retail Group PLC and could get an extension to the offer deadline in order to hash out the final details, Bloomberg reported.
Citing four people familiar with the matter, Bloomberg said the pair have narrowed their differences over how much Sainsbury's should pay for Home Retail, the owner of Argos and Homebase.
The sources said Home Retail may now ask the UK Takeover Panel to extend the deadline for Sainsbury's to make a firm offer for the company, which is due to fall on Tuesday.
No final decision has been made, and the deal could yet fall apart, the sources told Bloomberg.
The Financial Times had reported earlier in the day that Sainsbury's was facing pressure to increase its offer for Home Retail from two major shareholders.
http://www.bloomberg.com/news/articles/2016-02-01/sainsbury-said-to-near-agreement-with-home-retail-on-bid-price
By Sam Unsted; [email protected]; @SamUAtAlliance
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