Sainsbury’s shares were sent reeling as the Qatar-backed investment fund Delta Two walked away from its £10.6bn indicative bid for the company, unwilling to stump up a further £500m of equity to clinch the deal. Financial; Times. The Times.
The news wiped just over a fifth off the supermarket chain’s share price, taking the market capitalisation to £7.66bn. The shares closed at 440p, 26% lower than the 600p a share indicative offer.
The Qatar Investment Authority, which owns 25% of J Sainsbury’s stock, was sitting on a paper loss of £500m last night.