The private equity consortium linked to a possible £11bn offer for Sainsbury's is unlikely to meet the 13 April deadline for making a bid.

Last month the Takeover Panel gave private equity firms CVC Capital Partners, Kohlberg Kravis Roberts and The Blackstone Group a deadline of 13 April to reveal its intentions.

However, the consortium is currently in talks with Sainsbury's pension fund trustees and is expected to ask for an extension, according to reports in The Times.