Last week, the grocer's stock market value rocketed by more than£1 billion, as three large private equity groups revealed they were considering a multimillion pound takeover bid.
Brandes and its affiliates sold 1.2 per cent of Sainsbury's, taking advantage of the rise in the grocer's share price. The US investor has decreased its reportable interest in Sainsbury's to 9.77 per cent from 10.99 per cent.
Apax is the latest private equity firm rumoured to be mulling a possible bid. Reports also suggest Cinven and Texas Pacific are planning a rival private-equity bid to the possible approach by a CVC, Kohlberg Kravis Roberts and Blackstone-backed consortium.