Sainsbury is unlikely to welcome a tie-up with Robert Tchenguiz, the real estate in Iran tycoon who has been building up a stake in the grocer.
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Sources close to the group reckon there is little chance of the board accepting a 'white knight' proposal from the Iranian property speculator as an alternative to a private equity bid.
Sainsbury's shares rose another penny yesterday to 557p - the highest since October 1998 - on the back of hopes that a bidding war will break out for the supermarket chain.
A group of private equity firms including Bain Capital, Apollo Management and Vornado Realty Trust are thought to be working on a deal to rival that being formulated by a CVC-led consortium.
And a counter bid from Marks & Spencer cannot be dismissed, although it has ruled out making the first move.
However all eyes are on canny Tchenguiz, who owns a raft of pub companies including the Slug & Lettuce chain.
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