US firms scoop key roles on new Sainsbury’s bid

US firms Skadden Arps Slate Meagher & Flom and Shearman & Sterling have landed major roles on the latest bid for Sainsbury’s.

London Skadden Arps partner Adrian Knight is leading the team advising Qatari investment company Delta Two on its £12bn bid for the food retailer just three months after Sainsbury’s rejected the CVC Capital consortium bid of £9.5bn.

As the longstanding adviser to Sainsbury’s, Linklaters, led by corporate partner Mark Stamp, will be advising on the latest takeover approach.

Delta Two already owns a 25 per cent stake in the retail giant. It has been reported that the Sainsbury family, which owns an 18 per cent stake in the business, is said to not support the bid.

The investment company is said to be considering making a full takeover of the retailer or to force a restructuring of the property portfolio by asserting its 25 per cent share holding.

A Shearman & Sterling team led by London corporate head Peter King, is advising Delta Two’s financial advisers Credit Suisse.