No comment from SAINSBURY boss on takeover speculation
During a conference call with reporters yesterday after releasing fourth quarter results, the chief executive of Sainsbury in the UK, Justin King, refused to comment on the intensifying takeover speculation surrounding the group. Market speculation has suggested an offer of GBP5.85 (USD11.47) per share could materialise as early as this week. "I can't say anything about that. The takeover panel have issued a 'put up or shut up' notice which requires them to say something further by April 13 and that remains the position," was all King was prepared to say on the matter. He declined to confirm whether Sainsbury has held talks with the CVC consortium, but emphasised that the company has seen no reason to make any announcement to shareholders since news of CVC's interest emerged. “We're well aware of our responsibilities to keep shareholders informed and we'll fully discharge those responsibilities. We've had no reason to make any announcement to shareholders since February 2,' King said.