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Home Retail-Sainsbury 'put up or shut up' extension

23 February 2016 07:48

Home Retail has requested an extension of the 'put up or shut up' deadline for J. Sainsbury to decide whether it will make an offer.

The boards of Sainsbury's and Home Retail announced on 2 February that they had reached agreement on the key financial terms of a possible offer. The announcement stated that any firm offer would be subject to, among other things, satisfactory completion of due diligence and the recommendation of Home Retail board would be subject to a deadline of 5.00pm on 23 February.

The Home Retail board has requested that the Panel on Takeovers and Mergers extend the PUSU deadline. And in the light of this request, an extension has been granted and Sainsbury's must now announce whether it intends to make an offer by no later than 5.00 p.m. on 18 March.

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