Published January 5, 2016 7:40am EST | Updated January 5, 2016 8:04am EST

Home Retail Group Surges 25% After Sainsbury Takeover Approach

Home Retail Group PLC jumped 25% in London on Tuesday after J Sainsbury PLC said it in November made an approach to buy the parent of Argos and Homebase. "The approach was rejected by Home Retail Group and Sainsbury's is considering its position. There can be no certainty that this will result in a formal offer, nor as to the terms of any such offer," Sainsbury's said in the statement. Shares of Sainsbury dropped 5% after the news.