LONDON, UK: Bestway Group announces it has acquired or agreed to acquire a total of 80,792,512 shares in Sainsbury’s, representing 3.45% of Sainsbury’s issued share capital.
Bestway Group intends to hold its shares in Sainsbury’s for investment purposes and looks forward to supporting the executive management team. Bestway Group may look to make further market purchases of Sainsbury’s shares from time to time, subject to availability and price.
The Group confirms that it is not considering an offer for Sainsbury’s. This is a statement to which Rule 2.8 of the UK Takeover Code (the “Takeover Code”) applies.
Pursuant to Rule 2.8, Bestway Group is prohibited from announcing an offer or possible offer for Sainsbury’s and from taking certain other actions as set out in Rule 2.8 for a period of six months.
Bestway is the 7th largest family-owned business in the UK with turnover of approximately £4.5bn. Starting off as a chain of convenience stores in 1963, Bestway Group has grown to become a diversified multinational business with interests across the wholesale, pharmacy, real estate, cement and banking sectors.
Today Bestway Group serves over 12 million customers and employs over 28,000 individuals across the UK, Pakistan and the Middle East.