Sainsbury/private equity Everybody’s favourite ingredient

The private equity consortium considering a bid for J. Sainsbury has been flushed out much earlier than it wanted. But its approach to the UK retailer looks well-timed. Sainsbury’s is not the basket-case it was when Justin King arrived as chief executive. But half way into his three-year turnaround plan, investors are losing heart. The shares have almost doubled since King joined. But at yesterday’s closing share price of 430p, almost every analyst was a seller. Even if the market won’t back Ki...