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Sainsbury takeover bid given deadline

Delta Two's takeover bid for supermarket Sainsbury's has been given a deadline of November 8, 2007, as the Qatari-backed investment vehicle announced it was seeking an additional £500 million in funding for the deal.

The Takeover panel has given Delta Two until 5pm that day to announce its intentions for Sainsbury's, a both parties agreed it was in the interest of shareholders not to drag the process out any longer.

Delta Two is in discussion with the Qatar Investment Authority to secure an additional £500m in equity to buy the supermarket at an offer price of 600p per share.

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