Britain’s Morrisons agrees to Fortress’ raised $9.3 billion offer
FILE PHOTO: A customer carries a shopping bag outside a Morrisons supermarket in New Brighton, Britain, July 5, 2021. REUTERS/Phil Noble
August 6, 2021
LONDON (Reuters) -British supermarket group Morrisons has agreed to a raised takeover offer worth 6.7 billion pounds ($9.3 billion) from a consortium led by Softbank owned Fortress Investment Group, it said on Friday.
The new Fortress offer comprises 270 pence per Morrisons share plus a 2 pence a share special dividend.
Morrisons said its board has re-confirmed its unanimous recommendation of the offer.
The board had previously agreed a Fortress offer worth 254 pence a share or a total of 6.3 billion pounds on July 3.
However, major Morrisons investors Silchester, M&G and JO Hambro all indicated that offer was too low.
U.S. private equity group Clayton, Dubilier & Rice (CD&R) CD&R had a 230 pence a share proposal worth 5.52 billion pounds rejected by Morrisons on June 17.
Britain’s Takeover Panel, which regulates corporate takeovers, had set an August 9 deadline for CD&R to come back.
($1 = 0.7189 pounds)
(Reporting by James Davey; editing by Costas Pitas and Paul Sandle)
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