TPG pulls out of Sainsbury bidding group -source

LONDON, April 10 (Reuters) - Private equity firm Texas Pacific Group [TPG.UL] has withdrawn from the group bidding for UK supermarket chain J. Sainsbury (SBRY.L), and was not part of the sweeteend 10.1 billion pound ($19.9 billion) offer, a person familiar with the situation said on Tuesday.

"It's price and the feeling that Lord Sainsbury is not going to sell no matter what," said the source, who requested anonymity because of the confidential nature of the negotiations.

Texas Pacific and the consortium both declined to comment.

The suitor group, led by CVC Capital Partners [CVC.UL], submitted a raised offer of 582 pence a share, another source earlier told Reuters, but the Sainsbury family is holding out for at least 600p, a third source said.

KKR also pulled out of the group last week.