Deal or no deal?

For buyout groups with ambitions to play in the big league, CVC’s possible bid for J. Sainsbury poses a dilemma: the issue is not just can they afford to enter the fray, but can they afford to stay out. Such a huge, high profile deal may be risky, but if it goes ahead, there could be real disadvantages to being left behind. Even so, the chances of a rival consortium emerging look slim. Rumours that TPG and Cinven were trying to put together a rival group were wide of the mark. The two did meet ...