LONDON -- Buyout firms Blackstone Group and Texas Pacific Group reportedly dropped out of the bidding for British retailer Sainsbury here, reports said Tuesday. The private equity firmsā€˜ departure followed that of Kohlberg Kravis Roberts last week, according to the Bloomberg report. Sainsbury, which had been buoyed by takeover rumors, saw a 5.1% stock decline after the news, the report added. British authorities said potential bidders for Sainsbury should make an offer by the end of this week.

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