Bestway Group has announced that it has acquired shares in Sainsbury’s.
According to a statement, Bestway has acquired or agreed to acquire a total of 80,792,512 shares in Sainsbury’s, representing 3.45% of Sainsbury’s issued share capital.
Bestway Group said it is not considering an offer for Sainsbury’s and intends to hold its shares in Sainsbury’s for “investment purposes and looks forward to supporting the executive management team”.
Under Rule 2.8 of the UK Takeover Code, Bestway Group is prohibited from announcing an offer or possible offer for Sainsbury’s and from taking certain other actions for a period of six months.
It did not rule out acquiring more share and extended an invitation to Sainsbury’s shareholders who are institutional shareholders that interested in selling their shares to Bestway Group.
J Sainsbury PLC confirmed the share acquisition and said it “will engage with Bestway Group in line with normal interactions with shareholders”.
1 Readers' comment