30 03 2016

Sainsbury's makes formal 1.4bn offer to buy Home Retail Group

Ashurst is advising Morgan Stanley & Co. International plc and UBS Limited on the proposed acquisition of Home Retail Group plc (HRG) by J Sainsbury plc.


The offer values the entire issued and to be issued share capital of HRG at approximately £1.4 billion. Under the offer, HRG shareholders will receive 55 pence in cash and 0.321 new Sainsbury's shares for each HRG share. The cash portion of the offer is being funded by a credit facility and existing cash resources. Morgan Stanley and UBS are acting as joint financial adviser and co-sponsors to Sainsbury's in relation to the transaction. Ashurst is advising Morgan Stanley and UBS on the deal with a team led by corporate partners Karen Davies (picture) and Tom Mercer, assisted by associates Claire Broom and Harry Thimont. Partner Tim Rennie is advising on the finance aspects of the transaction, assisted by senior associate Laura Ho. Simon Bullock is advising Morgan Stanley and UBS in connection with their obligations as joint sponsors to Sainsbury's. Counsel Caroline Chambers also assisted on the transaction. A team led by banking partners Mark Vickers and Nick Moore and corporate partner Dominic Ross, assisted by senior associate Sophia Yeung, and associate Selina Martines, advised the lenders on the credit facility. Involved fees earner: Karen Davies - Ashurst; Tom Mercer - Ashurst; Claire Broom - Ashurst; Harry Thimont - Ashurst; Dominic Ross - Ashurst; Tim Rennie - Ashurst; Laura Ho - Ashurst; Mark Vickers - Ashurst; Nicholas Moore - Ashurst; Sophia Yeung - Ashurst; Selina Martines - Ashurst; Simon Bullock - Ashurst; Caroline Chambers - Ashurst;

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