Sainsbury’s confirmed yesterday that Delta Two, the Qatari-backed investment fund, had been given access to the supermarket’s books to conduct due diligence. The Daily Telegraph. Financial Times. The Guardian. The Times
Among the concessions Delta may have tabled are to allow members of the Sainsbury family a role in the selection of non-executive directors of the retailer.
‘We have had extensive discussions with Delta Two over a number of weeks and believe that their revised proposal is comprehensive and if it results in an offer, that offer would be recommendable to shareholders,’ said Sir Philip Hampton, Sainsbury’s chairman.
Sainsbury’s pension trustees are likely to meet Delta Two early next week to demand a £1bn-plus injection into the pension fund.