CVC, one of the private equity firms in a consortium which has admitted it is assessing Sainsbury's, met the retailer earlier this week to discuss a cash offer.

CVC met with Sainsbury's on Monday to reveal a draft takeover plan and an indication of price understood to be above 550p a share, according to reports in The Times.

Meanwhile, KKR, one of the private equity firms in the consortium with CVC, may have to pull out if its bids for high street chemist Boots due to competition issues, according to reports in the Daily Mail.