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Reuters continues to report, as noted on MNB yesterday, that Kohlberg Kravis Roberts (KKR), the global takeover firm, plans to launch a bid to acquire UK retailer Sainsbury.

KKR reportedly has drafted Archie Norman, the former CEO of Asda (before it was acquired by Wal-Mart), to assist in the bid and gain the support of the Sainsbury family, which owns 35 percent of the company. KKR has used Norman in its planning to launch a bid for Safeway Plc, which it abandoned last February.

However, a source close to KKR reportedly denied this report: "The company is neither working with Archie or looking at Sainsbury at this time."
KC's View:
Denials or no, this sounds like the KKR move is a done deal that just happened to get out earlier than planned.