Owner of Homebase and Argos turns down supermarket’s bid to buy company
Parent company of Homebase and Argos, Home Retail Group has turned down a bid from supermarket J.Sainsbury to buy the company.
The bid was made in November and included an offer of shares and cash, according to The Independent. However, the amount remains undisclosed.
The Independent also reports J.Sainsbury is now considering a new offer and has until February 2 to make a bid or walk away under takeover rules.
J.Sainsbury has been trialling Argos concessions in its stores since January and a spokesperson for the company told the Independent: “The combination is an opportunity to bring together two of the UK’s leading retail businesses, with complementary product offers, focused on delivering quality products and services at fair prices, through an integrated, multi-channel proposition.”
Kitchens & Bathrooms News has contacted both Home Retail Group and J.Sainsbury for comment.