South African retail group Steinhoff has walked away from a possible takeover of Argos owner Home Retail (HOME). This has left the path clear for supermarket chain J Sainsbury (SBRY) which didn't waste any time in making a second set of deal terms available to shareholders.
IC TIP:
Buy
at
278p
Not much has changed from the original proposal, although Sainsbury's bosses reckon they can squeeze another £40m in cost synergies from the deal by the third year of ownership. The offer price - inclusive of special dividends - represents 170p per Home Retail share, a considerable premium to the pre-Christmas share price.