Retail news round-up on February 22, 2016: Sainsbury's to seek extension for Home Retail takeover battle and Joules hires advisers to manage IPO.
Sainsbury's could ask for deadline extension for Home Retail takeover
Sainsbury's is likely to seek a three-week extension of the nearing deadline from the Takeover Panel to table a firm offer for Home Retail Group, after a last-gasp hour rival bid worth £1.4bn from South African retail group, Steinhoff International.
The grocer is expected to propose a March 18 deadline in an attempt to secure a proposed deal.
If the panel does not agree to grant an extension, the supermarket giant will be forced to either increase its £1.3bn cash and shares offer or walk away.
Joules appoints advisers as it prepares for £150m float
Joules is stepping up its stock market listing plans that is likely to value it at as much as £150m.
The fashion retailer has hired a team at Peel Hunt and Liberum as advisers to handle an initial public offering, according to The Sunday Telegraph.
Joules, owned by Tom Joule, is eyeing a flotation in April or May.
Sports Direct staff gets average annual pension payment of just £88
Sports Direct has emerged as one of Britain’s meanest companies by paying the least towards its staff retirement plans.
The sports retailer’s reputation was dealt with another blow after a survey revealed that it pays just £88, the lowest average annual pension contribution per employee in the FTSE 100.
Banc De Binary’s research claims that about 90% of its staff are on controversial zero-hour contracts, which means many are likely to be exempt from pensions’ auto-enrollment.