M&S rules out Sainsburys bid....for now
M&S rules out Sainsburys bid....for now
Marks & Spencer was last night forced to issue a statement ruling out a bid for the supermarket chain J Sainsbury after a comment by chief executive, Stuart Rose
At a retail conference yesterday, Stuart Rose is reported to have said that M&S was taking a close look at Sainsbury's and that investors should “watch this space”. That has forced the company to issue a clarifying statement.
“The Board has decided that it does not intend to make an offer for Sainsbury's at this time”.
However, the company goes on to reserve the right to make an offer if it gets a recommendation from the board of Sainsbury's or if the VC consortium (or anyone else) announces a firm intention to make an offer for Sainsbury's or if there is any material change in circumstances.