5th Jan 2016 12:33
LONDON (Alliance News) - J Sainsbury PLC on Tuesday confirmed that it made an approach in November to buy Home Retail Group PLC in a cash and shares deal.
The supermarket chain said the approach was rejected by Home Retail, which owns Argos and Homebase, and that it is now considering its position, although there can be no certainty that it will make a formal offer.
A further statement will be made as appropriate, Sainsbury's said.
Shares in Sainsbury's were trading down 2.4% at 249.00 pence, while Home Retail shares were up 25% at 123.80p on Tuesday afternoon following the announcement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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Related Shares:
Sainsbury'sHome Reit