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Morrisons confirms McColl's rescue deal
Mon, 9th May 2022 17:19
(Sharecast News) - Morrisons confirmed on Monday that it has agreed to buy convenience store operator McColl's from the administrator, seeing off competition from the Issa brothers' EG Group.
The supermarket retailer said the deal will be structured through a pre-pack administration. Morrisons will buy all of McColl's 1,160 stores, which include 270 Morrisons Daily format stores.
All McColl's staff will be transferred with the McColl's business to Morrisons, and McColl's two pension schemes will be taken on by the chain.
Morrisons - which was recently taken over by private equity firm Clayton, Dubilier & Rice - said its wholesale supply agreement to McColl's stores will continue without interruption and the convenience stores will continue to trade.
Morrisons chief executive David Potts said: "Although we are disappointed that the business was put into administration, we believe this is a good outcome for McColl's and all its stakeholders. This transaction offers stability and continuity for the McColl's business and, in particular, a better outcome for its colleagues and pensioners.
"We all look forward to welcoming many new colleagues into the Morrisons business and to building on the proven strength of the Morrisons Daily format."
McColl's went into administration last Friday after talks with Morrisons fell through and creditors refused to extend a deadline for it to raise more cash.
got mine yesterday .
The offer document said payment would be on or around 10th Nov so should be soon.
Mardler think you are correct CDR is not a share holder company (not listed)
Anyone got their money yet? 10th today.
That is completely wrong penstock.
It is an All Cash Offer, you will receive 287p per share in due course.
There is no alternative to convert the shares.
I just phoned Equiniti, Morrison's Registrar. The chap told me that the deal is being finalised this week but I can hang on to the shares if I want and they will be converted into the take over company's shares. I assumed we had to trade them in for 287p each, but clearly that isn't the case.
Thank you.
Around the 10th November i think .
Atb
Anybody know what date has been set for shareholders to receive payout for their shares? Thanks
So it is being (forcibly) sold for me and there were very few "No votes!."
My No's didnt count for much then. Im still not convinced this is good news but alas I will (have to) move on.
So some extra cash to invest somewhere. First world problems I suppose.
Anyone else use Halifax share dealing? I got a few corporate action notifications about the the takeover but didn’t get prompted to vote. I’m pretty sure last time I held shares that were subject to a takeover I voted via the corporate action process with Halifax.
"i may be wrong but isn't there 2 pence dividend to add on ?"
You re wrong, soz
No mention of it in the RNS, all voted through @287 by the end of October
https://www.lse.co.uk/rns/MRW/results-of-court-meeting-and-general-meeting-tpl8iw5js8ojbyb.html
i may be wrong but isn't there 2 pence dividend to add on ?
Ditto, sold my position yesterday too, not worth holding out for that penny, reinvest elsewhere as I'm sure this share has finished its ride!
Thanks Staycool. Hope the vote to agree goes through in that case and I can treat this as a £300 learning experience. I had a few Safeway shares years ago that morphed into Morrisons with an uplift in value. Was hoping the same would happen again but I missed this 'cash only' bid stipulation :/
I can't see any reason to sell now, you will get the bid price without any selling cost. If you sell now you will get just below the bid price but will get selling cost deducted. You will receive cash as the bids had to be cash only.
If the bid is not approved by shareholders then the price will probably drop.
I stupidly invested at 295 buying just 3000 that Friday afternoon prior to auction. Was my first share purchase and the worst (so far). If the winning auction bid goes through, which seems likely, then are the shares outright purchased back at 285 or converted to shares in the new owners? Is there any point holding on to them now? Just glad I bought POLX based on 'latest share chat' last week.
Fair point Camboy. In this situation I lean towards taking the proceeds slightly earlier if there's only a small cost involved, particularly if I've spotted an interesting opportunity for the proceeds and if there's a long time to wait for the takeover to play out - so I've taken the opportunity to check the timetable, and it seems that the 'Effective Date' is late October, with the payout no more than 14 days after that, which isn't such a long time. Maybe it's worth waiting after all.
you may not need to cash them in and pay fees. If they do it for you it may be fee free!
I have sold my remaining shares , off to top up RR , I had a dabble on aim but it’s not for me .
Good luck everyone with your investments
I was absolutely convinced that there'd be at least one more bidder (not necessarily Amazon), also that even with the 2 bidder auction we'd go above £3, so I got that wrong, so the modest September top-up I made at £2.93 was a mistake.
Having disproved my credentials, I'll now predict that the price will move a bit closer to the £2.87 bid price over the next 2 weeks once the in-a-hurry sellers have left. I guess there's an outside chance of some as-yet unannounced 3rd bidder surfacing, but I think we'd at least have had rumours of this by now if that was a realistic possibility. I expect I'll hold for another week before cashing in my MRW chips.
Unexpected item in the bidding area!!!!!!!!!!
Sorry......... I'll go now.........LOL
Finally sold my Morrison stake at 285.91. Purchased at 232.80 when Morrison rejected the first offer. Good luck to all still holding.
>>>Amazon is the only potential bidder that stands to lose if someone else, especially a PE bunch, gets their claws on Morrisons.
Much as an Amazon bid would be best for shareholders and Morrisons the company why will Amazon lose out when PE takes over? Wholesale has been the one area of expansion where MRW has not been impacted by the Germans so PE would want to continue that business and would want to continue to supply Amazon, one of their biggest wholesale customers.