M&S has said it does not intend to make an offer for Sainsbury's
In a statement announced last night after the markets had closed, M&S said it had ‘been considering its position in relation to a possible combination with Sainsbury's but that it has now decided that it 'does not intend to make an offer for Sainsbury's at this time'.
It still reserves the right to make a later possible bid within the next six months if a formal bid comes from the private equity consortium of CVC, KKR and Blackstone, or if Sainsbury's board is 'forthcoming' to any offer.
It is expected that the CVC, KKR and Blackstone bid may come within the next few days.