Delta Two is understood to have finished examining Sainsbury’s books and it appears likely the suitor will make a firm offer for the grocer this week.
The Qatari government-backed fund is understood to have completed its due diligence process and reports are due to be sent to its banks early this week. Once Delta Two’s loans are reconfirmed, it should make its£10.6 billion offer. It is believed the Sainsbury’s board is ready to recommend the offer.
Delta Two has yet to reach an agreement with Sainsbury’s pension trustees and the founding Sainsbury family. However, chairman Sir Philip Hampton said the offer is recommendable, subject to due diligence and financing.
Negotiations between Delta Two and the pension trustees are understood to be constructive, although no agreement has yet been reached on the trustees' demand for the fund to stump up between£1 billion and£2 billion.
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