Supermarket giant Sainsbury's has made an offer of 1.3bn to purchase Argos owner Home Retail.
According to The Guardian, the two companies were locked in talks last night. Sainsbury's needs to make its offer official by 5pm today (Tuesday, February 2nd), though has the option to extend its deadline in case it wants to do further due dilligence.
It also appears that this is not the first offer the supermarket has made for Home Retail. Last November, Sainsbury's made an offer that is believed to be around 1bn.
This new 1.3bn is the equivalent of 161.3p per share for the retailer. The deal also depends on the sale of Home Retail Group's DIY chain Homebase to Australian company Wesfarmers.