HRG shares jump on back of Steinhoff offer
Shares in Home Retail Group (HRG), the owner of retailer Argos, jumped 12% today (22 February) on the back of the news that South Africa’s Steinhoff had thrown its hat in the ring on Friday with a $1.4bn bid to trump Sainsbury’s $1.35bn offer. The deadline for Sainsbury’s to submit a firm offer is supposed to be tomorrow – but sources report that the grocery giant may request an extension.
The Guardian reported that Sainsbury’s would probably propose 18 March – which is date by which new entrant Steinhoff must submit its firm bid.
