Delta Two last night faced the likelihood of having to raise its price for Sainsbury’s as it emerged that Robert Tchenguiz was not prepared to accept its 600p-a-share indicative offer for the supermarket chain. Financial Times

Tchenguiz, who owns 10% of the stock through shares and derivatives, is understood to believe the offer, which values the supermarket at £10.6bn, is not fair value and believes 610p a share or above is a more realistic price.

The rejection is a severe blow for Delta Two, given that the Qatari-backed investment group’s approach is already opposed by the Sainsbury family, which owns 18% of the shares. Without Tchenguiz’z support, Delta Two would be unable to secure the 75% acceptances it needs to delist the supermarket chain.