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.

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