LONDON (AP) — A proposed takeover of J Sainsbury PLC collapsed yesterday as the last firm in a consortium of private equity groups announced it was abandoning its pursuit of Britain’s third-largest grocery chain.CVC Capital Partners Ltd. said it walked away from the deal after it “became clear that the consortium would be unable to make a proposal that would result in a successful offer”.

Analysts had anticipated an end to the bid after CVC’s three partners in the consortium pulled out of the potential 10.1 billion pound ($19.9 billion) deal.

Kohlberg Kravis Roberts & Co. Ltd. left the group on Thursday after it made a 562 pence ($11.04) per share offer that Sainsbury’s subsequently rejected on Friday as too low. A person familiar with the talks said on Tuesday that Blackstone Group International Ltd. and TPG Capital had then declined to support a revised verbal approach of 582 pence ($11.42).

The sweetened offer remained unpalatable to the founding family of the grocery chain, which holds an 18 percent stake and wanted an offer of at least 600 pence ($11.86).

CVC said its plans for the supermarket chain had included major investment and a job creation, employee ownership and proposals to cover a deficit in the company’s pension plan.

Sainsbury’s shares fell 2.3 percent to close at 526 pence ($10.40), still a large premium to the 410 pence shares were trading at earlier this year before bid rumours surfaced.