Delta Two, the Qatari-backed consortium behind a £10.4 billion takeover bid for J Sainsbury, is this week set to resume its effort to win over sceptical members of the Sainsbury family whose resistance to the proposals has stiffened.

Lords Sainsbury of Preston Can-dover and Sainsbury of Turville, who control about 14.5 per cent of shares in the supermarket giant, are expected to meet again with Delta Two in the next few days. However, they are understood to be opposed in principle to any highly leveraged offer that involves breaking the company up – which they believe would jeopardise its long-term stability.

Not only do they view Delta’s 600p-a-share offer as too low, they are also concerned that it is focused on achieving a short-term uplift in valuations by splitting an operating company from the £8.6 billion property side. They think the Qataris’ private equity-style bid is against the interests of staff, shareholders and members of the pension fund, which has not yet been consulted on the potential change.

To try to bolster the bid’s credibility, the Qataris, who are being advised by the former MP David Mellor, have lined up Tony Campbell, a former Asda executive, as chairman.

The Sainsbury family look unlikely to accept a sweetened offer unless it is accompanied by fundamental changes in the bid’s structure and approach.

Delta Two controls 25 per cent of Sainsbury and has the support of Robert Tchenguiz, who holds 10 per cent. Delta needs the support of 75 per cent, making it technically possible for it to win without the family’s consent.

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax