Perimira is plotting a £5bn-plus bid for Sainsbury’s. It is talking with other financial backers to support its offer.
The attraction to a financial bidder is the supermarket chain’s freehold property, which is valued on the books at £6.5bn but which could be worth as much as £8bn.
The Guardian says someone like Permira would look to finance its offer by selling a large chunk of the portfolio and reposition Sainsbury’s as a niche player alongside Waitrose.
References: Financial Times 27/09/04 page 24 (The Weekend Papers), The Guardian 27/09/04 page 25, The Times (Compact) 27/09/04 page 51 (Rumour of the day), The Daily Telegraph 27/09/04 page 28 (The City Checklist
