TDG, the logistics group that runs Sainsbury’s supply chain, has agreed with prospective bidder, Laxey Partners, to extend a “put up or shut up” deadline from the Takeover Panel by a week.

TDG was wooed by Laxey, as well as Wincanton, a rival group that handles Tesco’s logistics, for several months. Wincanton pulled out of the running on Tuesday, three days ahead of Friday night’s deadline set by the Panel. It said a deal was not in the best interests of shareholders. TDG’s share price dropped steeply on the news, giving up 40p to close at 220p.