Sainsbury's get more time for Argos-owner bid
Sainsbury's potential takeover of Home Retail - who just so happen to own Argos - has been given more time, after a rival bid came in from South African group Steinhoff International. Imagine 'The Girl Is Mine', except Michael Jackson in a supermarket, and Paul McCartney is a furniture and household goods chain.
Anyway, Home Retail said that the Takeover Panel watchdog have extended the deadline while the two businesses duke it out. Sainsbury's now has until March 18th, as do Steinhoff, to get their bids in proper order, or they have to back out.
Steinhoff have upped Sainsbury's bid, offering 175 pence for each Home Retail share. They've offered it in all-cash too. That's 8.5% higher than the British supermarket's offer, which was 161.3 pence.
Home Retail must feel like the belle of the ball, because as a result of all this, their shares have shot up almost three quarters.
It is thought that Sainsbury's will match the offer that Steinhoff have put in, but the shareholders need to give everything the green light first.
Steinhoff already have a little presence in the UK market, through Bensons For Beds, and the furniture chain Harvey's. Looks like Argos is going to have a new owner in the next few months, either way.