A private consortium bid of £11 billion could be offered to supermarket owner J Sainsbury, it has been reported this weekend.

Private equity firms CVC, KKR, Texas Pacific and Blackstone Group were said to be readying a bid for the third biggest UK supermarket according to sources close to the group

The source was reported to have told newspaper, The Sunday Times, the consortium’s bid would value the retailer at 550 pence per share. The company’s share price closed at 524.50 pence last Friday.

The supermarket was not available for comment.

But the retailer has been subject of bid speculation involving different suitors for some time now, having turned around it’s ailing sales fortunes with a recovery plan these last two years.

The transformation involved re-designing and re-launching its ecommerce grocery website, taking its IT back in-house from Accenture and streamlining its distribution process following out-of-stocks which plagued its stores during Christmas 2004.

In January, the company posted its third-quarter trading statement, which included a 60% increase in online sales and marked its eighth consecutive profitable quarter.