Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

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

Stock MarketsAug 01, 2021 11:20
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © 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 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
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Victor Choi
Victor Choi Aug 01, 2021 15:26
Saved. See Saved Items.
This comment has already been saved in your Saved Items
let's have £3 a share
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
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.
Continue with Google
or
Sign up with Email