J Sainsbury PLC (LSE:SBRY) shares were one of the biggest gainers on Monday after it was reported to have hired financial advisers to help defend it from a potential takeover.
The FTSE 100 supermarket group has appointed Robey Warshaw amid growing speculation that it could follow Asda and Morrisons in being taken over.
READ: Sainsbury's hits seven year high on takeover chatter
A report last month suggested that private equity group Apollo, having been interested but lost out on was Asda and Morrisons, was eyeing up Sainsbury’s.
The UK's second-largest grocer has renewed work with Robey Warshaw, the Times reported over the weekend, having first appointed the M&A specialist in the wake of its failed merger attempt with Asda.
Sainsbury's former adviser Morgan Stanley (NYSE:MS) advised Apollo on potentially joining a consortium bid for Morrisons, the paper added.
The shares, which hit a long-term high last month, were up 3% to 291p by midday on Monday.