Response to statement
Sainsbury(J) PLC
02 February 2007
2 February 2007
Response to Statement from CVC Capital Partners (CVC), Kohlberg
Kravis Roberts & Co. Limited (KKR) and The Blackstone Group International
Limited (Blackstone)
J Sainsbury plc (Sainsbury's) has noted the statement issued this morning by
CVC, KKR and Blackstone. No proposal has been received. Accordingly
Sainsbury's has no further comment to make.
Enquiries:
Investor Relations Media
Lynda Ashton / Elliot Jordan Pip Wood
+44 (0) 20 7695 7162 / 4931 +44 (0) 20 7695 6127
Notes
(1) The following is an extract of the text of the announcement made this
morning by CVC, KKR and Blackstone.
CVC CAPITAL PARTNERS ('CVC'), KOHLBERG KRAVIS ROBERTS & CO. LIMITED ('KKR') AND
THE BLACKSTONE GROUP INTERNATIONAL LIMITED ('BLACKSTONE') STATEMENT REGARDING J
SAINSBURY PLC ('SAINSBURY')
Further to recent speculation, CVC, KKR and Blackstone confirm that they are at
the preliminary stages of assessing Sainsbury. No decision has been made
regarding the relative merits of an offer and as a consequence there can be no
assurance that any offer for Sainsbury will be forthcoming. A further
announcement may be made, if and when appropriate.
(2) Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any
person is, or becomes, 'interested' (directly or indirectly) in 1 per cent or
more of any class of 'relevant securities' of Sainsbury's, all 'dealings' in any
'relevant securities' of that company (including by means of an option in
respect of, or a derivative referenced to, any such 'relevant securities') must
be publicly disclosed by no later than 3.30 pm (London time) on the London
business day following the date of the relevant transaction. This requirement
will continue until the date on which the offer becomes, or is declared,
unconditional as to acceptances, lapses or is otherwise withdrawn or on which
the 'offer period' otherwise ends. If two or more persons act together pursuant
to an agreement or understanding, whether formal or informal, to acquire an
'interest' in 'relevant securities' of Sainsbury's, they will be deemed to be a
single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant
securities' of Sainsbury's by CVC, KKR, Blackstone or Sainsbury's, or by any of
their respective 'associates', must be disclosed by no later than 12.00 noon
(London time) on the London business day following the date of the relevant
transaction.
A disclosure table, giving details of the companies in whose 'relevant
securities' 'dealings' should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.
'Interests in securities' arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an 'interest' by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the
Panel's website. If you are in any doubt as to whether or not you are required
to disclose a 'dealing' under Rule 8, you should consult the Panel.
This information is provided by RNS
The company news service from the London Stock Exchange