REG - Bestway Group Ltd Sainsbury(J) PLC - Acquisition of shares in J Sainsbury plc

J SainsburyAnnouncement

27/01/2023 07:00

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RNS Number : 0350O  Bestway Group Limited  27 January 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM ANY JURISDICTION OTHER THAN THE UNITED KINGDOM WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

27 January 2023

 

Acquisition of shares in J Sainsbury plc ("Sainsbury's")

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.

Eligible Sainsbury's shareholders who are institutional shareholders
interested in selling their shares to Bestway Group should contact Andrew
Quick on +44 207 000 2000 or sales-traders@redburn.com. Retail investors
should contact their brokers.

Bestway 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 (save in the
limited circumstances set out below).

Media enquiries:

Teneo Iain Dey (+44 7976 295906)   Zoë Watt (+44 7713 157561)

About Bestway Group

Bestway Group 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.

Takeover Code notes

Although Bestway Group is not considering an offer for Sainsbury's, for the
purposes of Note 2 on Rule 2.8 of the Takeover Code, Bestway Group reserves
the right to set the restrictions in Rule 2.8 aside in the following
circumstances: with the agreement of the Board of Sainsbury's; if a third
party announces a firm intention to make an offer; if a possible offer by a
third party for Sainsbury's is announced; if Sainsbury's announces a Rule 9
waiver (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse
takeover (as defined in the Takeover Code); and if there has been a material
change of circumstances (as determined by the Takeover Panel).

 

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