Daily Telegraph, Financial Times.

CVC was fighting to keep its bid for Sainsbury’s alive yesterday by appointing the private equity division of Goldman Sachs after Blackstone and Texas Pacific Group quit the private equity consortium.

As Friday’s takeover deadline looms, the likelihood of CVC pulling off a deal in the face of opposition from the Sainsbury family seems to be diminishing.

Kohlberg Kravis Roberts pulled out of the bidding last week.

CVC’s 582p-a-share offer gives Sainsbury’s an enterprise value of about £11.4bn.

Sainsbury’s has not rejected the offer, but has told CVC that it cannot recommend the offer to shareholders as it stands because the terms are not deliverable.

The Sainsbury family, which owns 18% of the shares, will not consider any offer below 600p a share, and Robert Tchenguiz, who has 5%, is also holding out for more.