Sainsbury's bid in trouble

The CVC private equity consortium has been knocked back in its initial bid for Sainsbury's. It's unlikely to be the end of the story, although the Telegraph thinks it could be, as the consortium will no doubt come back with a higher bid. The bottom line is that several of the large shareholders felt the offer of about 555p a share was too low. These include the Sainsbury family but also Alliance Bernstein who, according to The Times, owns a whopping 14.9% of the company.