Home Retail Group Shareholders Vote In Favour Of Sainsbury’s Deal

Sainsbury’s £1.4 takeover of the Home Retail Group has cleared its last major hurdle after shareholders in the Argos-owner yesterday voted unanimously (99.95%) in favour of the deal.

Last week the Competition and Markets Authority (CMA) gave its the go-ahead after an initial investigation decided that the tie-up wouldn’t lead to a substantial lessening of competition. The deal was also approved by the Financial Conduct Authority (FCA) this week.

With approval now secure, Sainsbury’s hopes to complete the takeover by September this year.

NAM Implications:
  • An inevitable conclusion…
  • …already anticipated by pro-active NAMs…, despite fire-fighting distractions…
  • Calls to mind a client that anticipated – following a NamNews update session (!) – the UK arrival of Aldi by two years. They allocated the task of ‘watching Aldi’ to a busy NAM, who kept the UK board updated, and prepared an Aldi policy in readiness…
  • …whilst another client decided to await the first phone call to rebuff what turned out to be their biggest customer in Germany…
  • …resulting in appropriate changes in UK management ‘for being rude to one of our most important customers…’
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