Private Equity Group Withdraws Bid for J Sainsbury
LONDON -- Private equity firm CVC Capital Partners said yesterday it's giving up its pursuit of supermarket chain J Sainsbury Plc.
"After a number of discussions between the board of Sainsbury and the consortium, it became clear that the consortium would be unable to make a proposal that would result in a successful offer," CVC said in a statement.
The Sainsbury family, which owns 18 percent of the supermarket chain, wasn't content with the group's bid. The largest shareholder of the family, David Sainsbury, was strongly against the idea of accepting a bid that was less than 600 pence a share, according to published reports.
The last offer put forward by CVC had been 582 ($11.49) pence a share, following a 562 pence ($11.09) share offer that the Sainsbury's board had rejected last week.
Texas Pacific and Blackstone pulled out of the consortium looking at Sainsbury on Tuesday, leaving CVC alone in the potential $19.97 billion deal.
"After a number of discussions between the board of Sainsbury and the consortium, it became clear that the consortium would be unable to make a proposal that would result in a successful offer," CVC said in a statement.
The Sainsbury family, which owns 18 percent of the supermarket chain, wasn't content with the group's bid. The largest shareholder of the family, David Sainsbury, was strongly against the idea of accepting a bid that was less than 600 pence a share, according to published reports.
The last offer put forward by CVC had been 582 ($11.49) pence a share, following a 562 pence ($11.09) share offer that the Sainsbury's board had rejected last week.
Texas Pacific and Blackstone pulled out of the consortium looking at Sainsbury on Tuesday, leaving CVC alone in the potential $19.97 billion deal.