Consortium 'sweetener' claim in Sainsbury's bid

The private equity group circling supermarket chain Sainsbury’s reportedly offered the group’s shareholders an equity stake sweetener in an attempt to see its rejected £9.7bn (€14.2bn) takeover attempt succeed, according to reports today.

The consortium, comprising CVC, Blackstone and Texas Pacific Group, is understood to have put forward plans to allow up to 25% of the company to be owned by existing shareholders and management as part of a 562p-a-share initial offer which was said to have been rebuffed by the Sainsbury’s board for being too low.