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I would have thought an offer north of £3 would have been necessary here, it looks like shareholders are getting a poor deal.
Can only hope another predator emerges
The offer is only agreed once Shareholders have voted to accept. The BOD are only recommending acceptance. Highly likely other Players will come into the fray. All good for PI's
This is worth a read from this morning’s Yorkshire post:
https://www.yorkshirepost.co.uk/business/bradford-based-supermarket-chain-morrisons-agrees-ps63bn-takeover-which-will-protect-sir-ken-morrisons-legacy-3295343
It says Fortress made several offers and the 2.54 was achieved on June 4th. Maybe CDR was just a stalking horse? With this amount of time past and the board obviously so positive, maybe Amazon have already been approached and at this point are happy enough to continue to work with Morrison’s under their existing agreements ??
Not lonely cookoo just drawing attention that it has been reported on the news, sure Sky and ITV have also reported it, I see another lonely person has just posted a BBC link .
Morrisons agrees £6.3bn takeover bid by consortium that pledge to be 'good stewards' of the chain
I think you will see it touch 2.60 sometime Monday, IMO there will be too many bigger investors seeing higher value for this bid to succeed.
Fortress approached Morrisons on 4 May with its first takeover proposal (CD&R approached on 14 June and was rebuffed).
Why was the initial offer not disclosed to the market?
As I suspected, not a done deal yet. Unlike William Hill, there are already two interested parties that have bid for Morrisons so SP likely to open much higher than £2.54. Also Amazon not yet in the fray which they may join rather than lose out in subsequent supermarket trading; if so there may be blood on the walls soon!
Argh autocorrect. I meant market expects a higher bid if we see sp 250+
Wouldn’t surprise me if a third bidder entered the fray. … not many businesses with strong asset backing and a pension fund that has a big surplus…totally undervalued by the market and analysts….pension fund raid and asset stripping going on here
If it goes over 250p...Market recurve another higher bid
you belive the bbc !!!!!! you must be lonely
SP up to 250ish monday np
Just reported on BBC news that offer has been agreed.
Also from the Telegraph:
'Morrisons' board said it would recommend the offer to shareholders. It needs 75pc of investors to approve the deal at a special meeting.'
A piece from the Telegraph this morning:
'The fund has offered investors 252p per share and a 2p per share special dividend, valuing the chain at £6.3bn, or £9.5bn including its debts.
The offer represents a premium of 42pc to the closing price of 178p per share on June 18, the day before Morrisons received a £5.5bn offer from Clayton, Dubilier & Rice (CD&R). The supermarket's board subsequently rejected that offer, of 230p a share, saying it "significantly undervalued" the company.
However industry experts said the move would bounce Morrisons into play and flush out other bidders.'
The same thing happened with Kaz Minerals recently, although that was effectively a management buyout. The initial offer was recommended by the Board, but rejected on a couple of occasions. It depends on whether those shareholders who reject this recommendation are in a majority or not.
What does this mean for the opening price on Monday? You were all pretty spot on last line. What could it go up to with this news and no other offers?
Cookoo, don’t panic and sit tight.
On Monday the SP may well go above the agreed T/O price if the market believes an even higher offer may come in. Or you can sell in the market, your decision.
Your broker will be able to advise re timetable for selling etc if the offer becomes unconditional, but expect months rather than days.
My own view, for what it’s worth, is that the SP still has legs.
Well that was my initial thought, but I’d it not possible that this group of investors together with the board possibly control enough of the shares already to mate it afait accompli ??
I expect it's more that "The board recommends" - it'll still need a shareholders' vote to approve the deal. The board wasn't recommending the original offer which is the difference with the new offer.
Me, I'm looking forward to a bidding war now, I don't think this current bid is the last one.
just read independent offer accepted as matrix ,how can they do that ,? but having said that what is the normal time frame for monies to be released?
My initial thought was why accept this offer when the likes of L&G have indicated 2.70 plus ?
My conclusion is that the offer has been accepted to flush out all the other interested parties.
Surely CD&R wouldn't just walk away now having been pipped at the post by 800 million.
This is about to get very exciting, eventual price will be in the range of £2.70 to £2.85, and if Amazon decides to join the party we'll be looking at £3.00 plus IMHO.
Have I missed something somewhere? Is it not the process that the Board decide whether to accept a bid or not, but the decision has to be approved by the shareholders? As a shareholder I have not been asked so why is the news stating the offer has been accepted unless there are morons on the Board holding more than the % required for acceptance? Given like William Hill that was 'bought for a song' by a USA company-the worst aspects of free capitalism, the offer significantly understates the value of Morrisons & allows another USA company to 'asset strip' at the expense of all the staff & shareholders. Any of you experienced gurus able to enlighten me?