The board of Sainsbury’s is poised to open its books to Delta Two after the Qatari-backed fund altered some of the terms of its offer. The Daily Telegraph. The Times. Financial Times

The fresh takeover proposal still values the supermarket chain at around 600p a share, including dividend. However, it is understood that the Qataris have offered to boost the amount of equity financing they plan to put into the deal.

Delta Two has offered to use more equity and preference shares to replace some of the payment in kind (PIK) notes.

Sources said the new equity injection could represent £400m to £700m.

Separately, it revealed that it had bought 15 former Kwik Save stores to form part of its Sainsbury’s Local convenience store chain.