By John Glenday

Shares in both Home Retail Group and Sainsbury’s have fallen after Argos’ parent company gave its backing to a planned acquisition of the business by Sainsbury’s.

The decision means that Sainsbury’s final offer for the business, 0.321 new Sainsbury’s shares plus 55p for every Home Retail Group share they hold, will now be put to shareholders.

This values Home Retail Group at £1.2bn, a figure which rises to £1.4bn when taking into account an additional 25p per share relating to Homebase buy-out of Wesfarmers and a further 2.8p per share in place of a final dividend payment.

John Coombe, chairman of Home Retail Read full story ›

Source: The Drum