Private equity groups Blackstone, CVC and Texas Pacific Group have abandoned their consortium's takeover bid for British supermarket chain Sainsbury.
'After a number of discussions between the board of Sainsbury and the consortium, it became clear that the consortium would be unable to make a proposal that would result in a successful offer,' a statement said.
The bid group was believed to have improved an earlier offer to 582p a share over the Easter weekend, but there were reports of resistance to a sale at below 600p a share from the grocery chain's largest shareholders, the Sainsbury family.
