Sainsbury’s bids £1.3bn for Home Retail Group

Following a failed approach last year, Sainsbury’s has bid £1.3bn, the equivalent of 161.3p a share, for ownership of the Home Retail Group.

BBC News reports that the offer represents a 63 per cent premium to Home Retail’s share price on January 4th.

The deal remains dependent on the sale of the Homebase chain that Australia’s Wesfarmers has agreed to buy for £340m.

Sainsbury’s is confident that shareholders in both Sainsbury’s and Home Retail will back the deal and the supermarket now has three weeks to carry out due diligence on Argos’ parent company.

About Robert Hutchins

Robert Hutchins is the editor of ToyNews and its sister title, Licensing.biz. He has worked his way from Staff Writer to Editor across the two titles, having spent almost eight years with both and what now seems like a lifetime surrounded by toys. You can contact him by emailing robert.hutchins@biz-media.co.uk or calling him on 0203 143 8780 You can even follow him on Twitter @RobGHutchins if ranting is your thing...

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