By Seb Joseph

Sainsbury’s has sealed a one billion deal to buy the Argos business after Home Retail Group’s board sanctioned the move.

Consequently, the supermarket has not had to up its £1.4bn offer, which Home Retail Group had been mulling amid the prospect of a potentially higher bid from South Africa’s Steinhoff. However, Steinhoff withdrew its bid two weeks ago, paving the way for Sainsbury’s to push its own terms through.

David Tyler, Sainsbury’s chairman, said: “We are very pleased the board of Home Retail Group has recommended our offer for the acquisition of its business to its shareholders. The combined business will offer Read full story ›

Source: The Drum