Private equity group Cinven has reportedly abandoned plans to form a rival consortium to prepare a bid for Sainsbury's.

According to reports in The Times, the group had held talks with fellow private equity firm Texas Pacific to rival a possible bid from CVC Capital Partners, Kohlberg Kravis Roberts and The Blackstone Group who are at the "preliminary stages of assessing Sainsbury's".

“They [Cinven] thought about it but in the end they concluded thanks, but no thanks,” a source told the paper.