Sainsbury stake rumoured to be eyed by US activist fund
Shares in J Sainsbury rose yesterday, 11 November, amid rumoured involvement of a US-based activist investor, The Independent reported. The market report said AIM-listed Crystal Amber Fund is believed to have been eyeing the UK-listed supermarket chain on behalf of an unnamed US-based fund.
According to unidentified sources, the funds are holding fire on any movement until Sainsbury issues its interim results later today and may then opt to acquire a stake in the business, the report said.
The Daily Mail cited a blog report which indicated that Knight Vinke, an investment management firm based in New York City, might attempt to buy a strategic interest in Sainsbury.
Meanwhile, the Financial Times said Sainsbury is expected to reveal today it is cutting its dividend by around a third.
Source Independent, Daily Mail, Financial Times