Last checked at 27 Jan 2023 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION OTHER THAN THE UNITED KINGDOM WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
27 January 2023
Acquisition of shares in J Sainsbury plc ("Sainsbury's")
Bestway Group announces it has acquired or agreed to acquire a total of 80,792,512 shares in Sainsbury's, representing 3.45% of Sainsbury's issued share capital.
Bestway Group intends to hold its shares in Sainsbury's for investment purposes and looks forward to supporting the executive management team. Bestway Group may look to make further market purchases of Sainsbury's shares from time to time, subject to availability and price.
Eligible Sainsbury's shareholders who are institutional shareholders interested in selling their shares to Bestway Group should contact Andrew Quick on +44 207 000 2000 or sales-traders@redburn.com. Retail investors should contact their brokers.
Bestway Group confirms that it is not considering an offer for Sainsbury's. This is a statement to which Rule 2.8 of the UK Takeover Code (the "Takeover Code") applies. Pursuant to Rule 2.8, Bestway Group is prohibited from announcing an offer or possible offer for Sainsbury's and from taking certain other actions as set out in Rule 2.8 for a period of six months (save in the limited circumstances set out below).
Media enquiries:
Teneo Iain Dey (+44 7976 295906) Zoë Watt (+44 7713 157561)
About Bestway Group
Bestway Group is the 7th largest family-owned business in the UK with turnover of approximately £4.5bn. Starting off as a chain of convenience stores in 1963, Bestway Group has grown to become a diversified multinational business with interests across the wholesale, pharmacy, real estate, cement and banking sectors. Today Bestway Group serves over 12 million customers and employs over 28,000 individuals across the UK, Pakistan and the Middle East.
Takeover Code notes
Although Bestway Group is not considering an offer for Sainsbury's, for the purposes of Note 2 on Rule 2.8 of the Takeover Code, Bestway Group reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances: with the agreement of the Board of Sainsbury's; if a third party announces a firm intention to make an offer; if a possible offer by a third party for Sainsbury's is announced; if Sainsbury's announces a Rule 9 waiver (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Takeover Code); and if there has been a material change of circumstances (as determined by the Takeover Panel).