News Releases
20th September 2007
Joint statement by Delta (Two) Limited and J Sainsbury PLC
Paul Taylor, Principal of Three Delta and Strategic Investment Adviser to Delta Two in relation to the proposal, said:
“We have a high regard for the management and employees of Sainsbury’s and we are supportive of their operational strategy, including plans for substantial investment in the Company. We are very pleased to have reached agreement with the Board on a process for due diligence. This is an important next step in our progressing a possible offer for the Company.”
Sir Philip Hampton, Chairman of Sainsbury’s, said:
“We have held 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. The Board has unanimously decided it is now appropriate to permit Delta Two to undertake confirmatory due diligence.”
No decision has been made regarding any possible offer and accordingly there can be no certainty that any offer for Sainsbury’s will be made. A further announcement may be made as and when appropriate.
Delta Two is being advised by Dresdner Kleinwort Limited and Credit Suisse Securities (Europe) Limited. Sainsbury’s is being advised by UBS Investment Bank and Morgan Stanley & Co. Limited.
