Sainsbury's ponders £9.7bn bid

Supermarket giant Sainsbury’s was today mulling a £9.7bn (€14.25bn) indicative offer from its private equity suitors amid reports that major shareholders of the firm are holding out for a higher bid.

The private equity bidders – CVC, Blackstone and Texas Pacific Group – are understood to have tabled the approach of around 560p a share for the UK’s third largest food retailer yesterday.