UNQUOTE

UK - Sainsbury's books open to Delta Two

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Delta Two has been granted access to undertake due diligence on J Sainsbury Plc, the supermarket chain it has been courting since July. Delta Two, a vehicle backed by the Qatari Investment Authority, won over the board of Sainsburys after promising to up the equity involved in its proposed ТЃ10.45 bid.

It is reported that the board was also satisfied that the underwriting banks would be able to deliver finance for the deal after further guarantees from those banks were provided. After the completion of due diligence, Delta Two may decide to make a formal offer conditional upon the support of the Sainsbury family, which continues to hold an 18% stake in the London-listed group, and agreement with Sainsbury's pension trustees. CVC's bid for Sainsburys earlier this year came unstuck on the same matters. Related links: http://www.unquotenews.com/public/showPage.html?page=unquote_portal_story&tempPageName=441635

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