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CVC has refused to buy J.Sainsbury
7 April 2007According to the informal data, the consortium led by CVC Capital Partners Investment Company is going to withdraw the offer on purchase of J.Sainsbury British retail network for 18,75 billion dollars.
As it has become known, the consortium will refuse from the purchase, as on a background of the information on possible merge the cost of Sainsbury’s shares (from the middle of February 2007) has grown approximately on 30 % - up to 561 pence (11,06 dollars). This figure is above 560 pence (11,04 dollars), which were offered for each J. Sainsbury’s share with a consortium of investors in February.
According to the alternative information data the largest shareholders of the company do not see sense in the transaction while investors will not offer at least 600 pence (11,83 dollars).
Besides CVC, the consortium includes Blackstone Group International Ltd. and Texas Pacific Group and other companies. Till April, 5th the consortium also possessed Kohlberg Kravis Roberts and Co. Ltd. Investment Company, however, then it has refused participation in possible J. Sainsbury’s purchase. It is necessary for consortium to get the support from the board of J. Sainsbury’s directors till April, 13th - the deadline, established by the British adjusting bodies.
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