Sainsbury's agrees 1.3 bln stg deal for Argos owner Home Retail
LONDON, Feb 2 (Reuters) - Sainsbury (Amsterdam: SJ6.AS - news) 's, Britain's second-biggest supermarket, said on Tuesday it had agreed a 1.3 billion pound ($1.87 billion) deal to buy Argos-owner Home Retail in cash and shares.
Home Retail (Other OTC: HMRLF - news) , which said in January it had rejected an earlier undisclosed offer from Sainsbury's, said it was now willing to recommend the offer which, including a proposed capital return, implied a value of around 161.3 pence per Home Retail share.
($1 = 0.6956 pounds) (Reporting by Kate Holton)