UK supermarket Sainsbury's has made a Stock Exchange statement confirming that it is "able to go hostile" in its bid for Argos following a request from the Takeover Panel, according to The Guardian.
It comes just weeks after Steinhoff International Group threw its hat in the ring in the bid for Argos, making Home Retail Group a £1.42bn cash offer which outweighed the supermarket's £1.35bn bid of cash-and-shares. Sainsbury's officially has until March 18 to decided whether to make a firm counter bid and is said to be currently going through its books.

In a statement to the Stock Exchange, Sainsbury's said that any bid would have the recommendation of the Home Retail board. "There can be no certainty that Sainsbury's will proceed with an offer for Home Retail even if the pre-conditions are satisfied or waived."