Connect with us

Hi, what are you looking for?

Stock

Private equity firm CD&R set to make counter bid for UK’s Morrisons -report

Stock Markets50 minutes ago (Aug 01, 2021 06:20AM ET)

2/2
(C) Reuters. FILE PHOTO: A Morrisons store is pictured in St Albans, Britain, September 10, 2020. REUTERS/Peter Cziborra/File Photo

2/2

LONDON (Reuters) -Private equity firm Clayton, Dubilier & Rice (CD&R) is poised to come back with a new bid for Morrisons, stepping up a bidding war for the British supermarket chain, the Sunday Times reported.

Morrisons rejected an unsolicited 5.52 billion pound ($7.68 billion) proposal from CD&R in June and this month backed a 6.3 billion pound offer from a group led by SoftBank Group Corp-owned Fortress.

The Sunday Times said CD&R was understood to have been preparing equity and debt financing for a counter bid which could come in the next few days.

If successful, CD&R would open Morrisons convenience stores at fuel stations operated by Motor Fuel Group, which CD&R owns, and it would work alongside the existing Morrisons’ management team, the Sunday Times said.

Britain’s Takeover Panel, which regulates corporate transactions, said last month it had given CD&R until Aug. 9 to announce a firm intention to make an offer or walk away.

A spokesman for CD&R declined to comment on the Sunday Times report.

Last week, British money manager M&G, which owns a 1.08% stake in Morrisons, joined criticism of the Fortress-led bid, saying it did not reflect the true value of the company.

Morrisons’ largest shareholder Silchester has also said it is not inclined to support the offer for Britain’s fourth-largest supermarket chain. Schroders (LON:SDR) Plc, also an investor in Morrisons, is still considering how it will vote.

A third private equity suitor Apollo Global Management (NYSE:APO) said last month it would not pursue a solo offer for Morrisons but could join the Fortress consortium.

Shareholders in Morrisons are due to vote on the Fortress offer on Aug. 16.

($1 = 0.7191 pounds)

Private equity firm CD&R set to make counter bid for UK’s Morrisons -report

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Stock

Stock Markets25 minutes ago (Jul 16, 2021 05:46PM ET) (C) Reuters. FILE PHOTO: Johnson & Johnson’s Neutrogena Cool Dry Sport sunscreen, which is part...

Tech

Builders, creators and developers, this one’s for you! TechCrunch has always been about discovering fresh solutions and shining the light on exciting, new products...

Stock

(C) Reuters. FILE PHOTO: Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad...

World News

Nowadays, you can buy just about anything online and have it delivered directly to your doorstep – even marijuana. Say goodbye to shady websites...

Disclaimer: Wisegazette.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Wise Gazette. All Rights Reserved