Sainsbury’s increases bid for Home Retail Group to £1.5bn

Endaba Group

The big four grocer upped its bid from £1.3bn to £1.5bn in an attempt to bolster its position against South African competitor Steinhoff, who placed a bid at £1.4bn. Sainsbury’s increased bid comes a day before Sainsbury’s announces trading results for the fourth quarter, which experts are predicting will reveal flat like-for-like figures.

Both Sainsbury’s and Steinhoff have until 5pm Friday to submit their formal offers. Sainsbury’s investors have warned that it will overpay for Home Retail Group in its attempts to succeed in the bidding war.