More Funds Dropping Sainsbury Bid: Reports

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 firms‘ 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.