News Releases
26th October 2007
STATEMENT BY DELTA (TWO) LIMITED REGARDING J SAINSBURY PLC
Further to the announcement made on 20 September 2007, Delta Two has informed Sainsbury's that it is seeking increased funding of approximately £500 million of additional equity in respect of the proposed acquisition of Sainsbury's at an offer price of 600 pence per share in cash. Delta Two has entered into discussions with the Qatar Investment Authority to secure such funding. There can be no certainty that such funding will be forthcoming and, therefore, no certainty that an offer will be made.
Sainsbury's and Delta Two agree that it is in the best interests of shareholders and colleagues to bring this process to a conclusion as soon as practicable. At the request of Delta Two and Sainsbury's, the Takeover Panel Executive has today announced a deadline of 5.00pm on 8 November 2007, unless the Takeover Panel Executive consents otherwise, by which Delta Two must either announce a firm intention to make an offer for Sainsbury's under Rule 2.5 of the Takeover Code or announce that it does not intend to make an offer for Sainsbury's. In the event that Delta Two announces that it does not intend to make an offer for Sainsbury's, Delta Two and any person acting in concert with it will, except with the consent of the Takeover Panel Executive, be bound by the restrictions contained in Rule 2.8 of the Takeover Code for six months from the date of such announcement.
A further announcement will be made in due course.
