UK supermarket accepts higher bid in take-over bid


London, August 6 (UrduPoint / Pakistan Point News – August 7, 2021): UK supermarket group Morrisons on Friday accepted an improved takeover bid from an international consortium worth $ 6.7 billion (9.3 billion billion dollars, 7.87 billion euros) as it faces a possible competing offer.

The consortium, led by Softbank-owned Fortress, said it had increased its initial offer by $ 6.3 billion as US private equity rival Clayton, Dubilier & Rice would consider its own improved offer before the deadline. Monday.

Morrisons, the UK’s fourth-largest supermarket by sales, has been caught in a bidding war as the country’s supermarket sector benefits enormously from a shift to online shopping during the pandemic.

Fortress has formed a consortium that also includes the Canada Pension Plan Investment Board, Koch Real Estate and the Singapore Sovereign Fund.

He said in a statement Friday that the enhanced offer follows “speculation about a possible counter-offer” from Clayton, Dubilier & Rice (CD&R).

“Morrisons directors believe the increased Fortress offering is in the best interests of Morrisons shareholders,” the statement added.

It also comes after Morrisons’ largest shareholder, investment group Silchester, said it would not back the consortium’s initial offer.

CD&R has until Monday to make a new offer under UK takeover rules and after Morrisons rejected its $ 5.5 billion offer in June.

Morrisons – which tracks Britain’s three main supermarkets Tesco, Sainsbury’s and Asda – has nearly 500 stores and more than 110,000 employees.


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