April 10, 2007 / 11:40 AM / 12 years ago

Blackstone abandons bid for Sainsbury

In this file photo a shopper leaves the Sainsbury's supermarket in Loughborough, Leicestershire, January 13, 2003. he private equity group bidding 10.1 billion pounds for supermarket chain J. Sainsbury has lost yet another member, with Blackstone Group pulling out, a person familiar with the situation said on Tuesday. REUTERS/Darren Staples

LONDON (Reuters) - The private equity group bidding 10.1 billion pounds for supermarket chain J. Sainsbury has lost yet another member, with Blackstone Group pulling out, a person familiar with the situation said on Tuesday.

Blackstone becomes the third member to withdraw in the last few days, after Kohlberg Kravis Roberts & Co confirmed it was no longer part of the group on Thursday and sources told Reuters that Texas Pacific Group was out earlier on Tuesday.

It could not immediately be determined if CVC had pulled in any other partners.

Blackstone, like KKR and Texas Pacific, both left the group assembled by CVC Capital Partners, before a sweetened bid of 582 pence was submitted at the weekend, sources said.

Blackstone, TPG and CVC declined to comment. Sainsbury was not immediately available to comment on the composition of the suitor group.

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