Bestway Group Acquires 3.4% Stake In UK Grocer Sainsbury; Dismisses Takeover Plan

British multinational conglomerate Bestway Group Ltd has acquired a 3.45% stake in J Sainsbury Plc JSAIY.
Bestway Group intends to hold its shares in Sainsbury's for investment purposes and looks forward to supporting the executive management team.
Bestway also said it might look to make further market purchases of Sainsbury's shares from time to time, subject to availability and price.
Bestway confirmed that it is not considering an offer for Sainsbury's.
The purchase of shares totals about £193 million ($239 million) in value at Sainsbury's closing price on Thursday, Bloomberg reported.
"The news comes as a surprise to us and may spark some chatter around both Sainsbury and the wider sector with respect to corporate activity and equity values," the report quoted Clive Black, an analyst at house broker Shore Capital.
Price Action: JSAIY shares closed higher by 0.04% at $11.86 on Thursday.
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