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    Consortium bid for Sainsbury faces deadline

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    The Takeover Panel has set a deadline until April 13 for the private equity led by CVC Partners to bid for J. Sainsbury, Britain’s third-biggest supermarket group. Should the fail to make a firm offer for Sainsbury, it would be prevented from making a fresh bid attempt for six months, apart from under specific circumstances that would include a rival offer.

    Private equity firms CVC, and Blackstone said last month they were pondering a joint bid for Sainsbury. Texas Pacific Group subsequently joined the consortium. The bid, if executed, will be Europe’s biggest leveraged buyout.

    Shares in Sainsbury rose nearly 3 per cent to a eight-year high of 539 pence, with more than 90 million shares traded.