Sainsbury’s has been given an extension to decide whether or not to make a firm bid for Home Retail Group, owner of Argos, after Steinhoff made an approach Friday.

The supermarket chain now has until 18th March to consider whether to up its initial cash and shares offer, which was outgunned by the multinational Steinhoff conglomerate last week.

Steinhoff’s 175p per share offer valued the Argos owner at over £1.4bn, with Sainsbury’s management now mulling over whether to make a fresh approach for the general merchandise retailer.

Under UK takeover rules, Sainsbury’s initial deadline to make a firm bid or walk away was today (Tuesday 23rd February) while the new bid deadline is the same as that for Steinhoff.

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