17th Mar 2016 09:57
LONDON (Alliance News) - The UK Takeover Panel on Thursday said the rival bidders for Argos-owner Home Retail Group have agreed to an amendment to the deadline to make firm offers for the company.
J Sainsbury PLC, the UK grocer, and Steinhoff International Holdings NV, the South African group, have until the end of Friday to make a firm offer for Home Retail or walk away.
If neither makes a firm offer, the deadline will stand, but the Takeover Panel said Sainsbury's and Steinhoff have agreed that if one makes an offer, the other bidder will be treated as a competing offeror and will be given 53 days more to make a firm, rival offer for Home Retail.
Should either pull out of the bidding, the Friday deadline will stand for whichever bidder remains in the race.
Sainsbury's has made a cash and shares offer for Home Retail which values it at 161.3 pence per share, while Steinhoff's cash offer values Home Retail at 175.0p per share.
Home Retail shares were up 1.4% to 182.80p on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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Related Shares:
Sainsbury'sHome Reit