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Sainsbury shares hit nine-year high on bid fever
J Sainsbury shares rallied to a nine-year high on Tuesday as market speculation grew that a CVC-led private equity consortium was poised to table an offer for the retailer after the Takeover Panel issued a “put-up- or-shut-up” ultimatum. The panel, contacted by J Sainsbury on Friday, said on Tuesday that the consortium of CVC, KKR, Blackstone and Texas Pacific had until April 13 to put forward an £11bn-plus offer. The consortium announced its interest in the UK’s third-largest supermarket chain just over four weeks ago. Frenzied market rumours of an imminent offer — more than 110m shares were traded on Tuesday, coupled with the announcement that entrepreneur Robert Tchenguiz had bought a 3 per cent stake — sent Sainsbury shares 2.6 per cent higher to 539p, valuing the retailer at about £9.6bn.
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[…] Since Chrysler is American and Madame Tussauds was already in private hands, perhaps these deals are less newsworthy than the stalking of Sainsbury’s and yesterday’s bid-fever, or the GMB union’s harassment of the private equity owners of companies like the AA and Birds Eye. Employees don’t do well out of private equity, it seems, but I’ll let the GMB’s press office do the talking on behalf of workers because I have an axe of my own to grind; whether private equity is good for investors. […]