Sainsbury’s Argos takeover gets green light 200 stores could close
ByReporter
Argos
UK Supermarket Sainsbury’s has been given the green light to take over catalogue retailer Argos.
Sainsbury’s said on Friday its 1.4 billion pounds ($2 billion) offer for Argos-owner Home Retail Group had been recommended by the board of the popular retailer group.
Britain’s second biggest grocer, Sainsbury’s, was left a clear run to buy Argos, which sells electricals, jewellery and other general goods, when rival suitor South Africa’s Steinhoff International withdrew last month.
Home Retail shareholders will receive 0.321 new Sainsbury’s shares and 55 pence in cash for each share, plus an additional cash payment of 27.8 pence from the earlier disposal of the group’s other chain
Early reports indicate the deal could lead to the closure of up to 200 Argos stores.
Sainsbury’s Argos takeover gets green light 200 stores could close
