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Key HOME investor says SBRY possible offer fair

03 February 2016 10:13

Old Mutual Global Investors, part of Old Mutual Wealth, said it regards Sainsbury's possible offer for Home Retail Group to be fair, taking into account the acceleration of the Argos transformation plan within Sainsbury.

Old Mutual Global Investors holds 3.6% of Home Retail's voting rights across the business, or 29.4m nominal shares.

"The agreed terms are below the 200 pence per share level which appeared in remarks to the media by Old Mutual Global Investors after the initial approach by J Sainsbury plc," it said.

"Since that time there has been the agreed disposal of Homebase by Home Retail, their update on Christmas trading and more detail on the opportunities for Home Retail within the Sainsbury group.

"Following discussions with representatives of both parties, we have concluded that the terms of the agreed offer are fair, reflective of the future potential of the Argos business and the risk still associated with the transformation plan.

At 10:13am:

(LON:HOME) Home Retail Group PLC share price was -0.4p at 152.6p

(LON:SBRY) Sainsbury J PLC share price was -3.1p at 247.4p

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Related Company: HOME

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