J Sainsbury PLC (LSE:SBRY) said it will engage with Bestway Group in line with other shareholders after it was revealed that the family-owned multi-national had taken a 3.45% stake in the FTSE 100-listed grocer.
Bestway, which runs the UK’s largest independent cash and carry business, said it paid around £193.mln for the 80.8mln shares at a price of 239.4p each.
Bestway said it intends to hold the shares for investment purpose and is not considering an offer for Sainsbury's.
“Bestway Group intends to hold its shares in Sainsbury's for investment purposes and looks forward to supporting the executive management team,” it said in a statement, although it added it may make further purchases from “time to time”.
In response, Sainsbury’s said: “We note the announcement made this morning by Bestway Group stating that it is not considering an offer for the company.”
“We will engage with Bestway Group in line with our normal interactions with shareholders.”