Sainsbury's expected to ask for more time in Home Retail Group battle

But if the Takeover Panel does not grant an extension the supermarket will be forced to either raise its £1.3bn offer or walk away

Sainsbury’s is expected to ask for an extension of the Tuesday deadline to table a firm bid for the owner of Argos following the emergence of a £1.4bn rival offer from South African retail group, Steinhoff.

The request for more time from the Takeover Panel would come from Sainsbury’s with the agreement of Argos’s parent, Home Retail Group (HRG), and would likely propose 18 March, the same date for Steinhoff to make a firm bid.

Related: Rival challenges Sainsbury's in Home Retail Group takeover

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from Mergers and acquisitions | The Guardian http://ift.tt/1L3BGb2