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  5. Fortress 'considering options' on Morrisons after CD&R lifts bid

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Fortress 'considering options' on Morrisons after CD&R lifts bid

Fri, 20th Aug 2021 07:30

(Sharecast News) - The consortium led by Fortress Investment Group said it was "considering its options" over Morrisons after its takeover offer was trumped by rival private equity group Clayton, Dubilier & Rice (CD&R).
It called on Morrisons' shareholders to "take no action" on CD&R's £7bn agreed bid, trumping its own £6.7bn offer for the UK supermarket chain.

CD&R's offer is worth 285p a share, well above the 272 pence a share offered by Fortress, forcing the Morrisons board to drop its recommendation of the Fortress bid.

The latest offer gives the supermarket chain an enterprise value of £9.7bn once debt is included and Morrisons' board intends to recommend it unanimously.

More News
24 Aug 2021 15:05

TOP NEWS: Morrisons pension bosses push for CD&R covenant support

TOP NEWS: Morrisons pension bosses push for CD&R covenant support

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24 Aug 2021 14:56

Morrisons' pension trustees warn of risks from takeover

LONDON, Aug 24 (Reuters) - A takeover of Morrisons by either of its two suitors could "materially weaken" the security of the supermarket's pension schemes if no additional protection were agreed, the trustees said in a letter to the company pub...

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24 Aug 2021 08:35

LIVE MARKETS-T&L and tech stocks lead gains

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24 Aug 2021 08:09

LIVE MARKETS-The markets are alright

* European Stoxx 600 up 0.3%Aug 24 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.comTHE MARKETS ARE ALL RIGHT (0708 GMT)Monetary a...

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24 Aug 2021 08:05

MORNING BID-The markets are alright

A look at the day ahead from Sujata Rao. Monetary accommodation, economic growth and company earnings may all be peaking, Delta cases remains a menace but markets? They are just fine.Whether or not Jerome Powell's Jackson Hole speech this Friday ...

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24 Aug 2021 07:22

LIVE MARKETS-Stocks propped up by full vaccine approval

* European stock futures up 0.2%Aug 24 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.comSTOCKS PROPPED UP BY FULL VACCINE APPROVAL...

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23 Aug 2021 18:43

Morrisons shareholder LGIM says new bids closer to true value

Aug 23 (Reuters) - Morrisons shareholder Legal & General said on Monday it believed the true value of the supermarket chain should be realised following the sweetened bid from private equity group CD&R, with more attention now being paid to its p...

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23 Aug 2021 12:23

LONDON MARKET MIDDAY: Stocks rise ahead of virtual Jackson Hole event

LONDON MARKET MIDDAY: Stocks rise ahead of virtual Jackson Hole event

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23 Aug 2021 09:53

UPDATE 2-Sainsbury's shares jump 14% on report of possible bids

(Adds bond investor quote, background, updates share price)By Yadarisa Shabong and Abhinav RamnarayanAug 23 (Reuters) - Sainsbury's shares surged 14% on Monday after a report that private equity firms could launch bids worth more than 7 billion pou...

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23 Aug 2021 09:53

UPDATE 2-Sainsbury's shares jump 14% on report of possible bids

(Adds bond investor quote, background, updates share price)By Yadarisa Shabong and Abhinav RamnarayanAug 23 (Reuters) - Sainsbury's shares surged 14% on Monday after a report that private equity firms could launch bids worth more than 7 billion pou...

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23 Aug 2021 09:53

UPDATE 1-Shares in Sainsbury's jump to seven-year high on report of buyer interest

(Updates shares, adds detail, background)Aug 23 (Reuters) - Shares in Sainsbury's jumped as much as 13% to a more than seven-year high on Monday after a report said private equity firms could launch bids worth more than 7 billion pounds ($9.6 bill...

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23 Aug 2021 09:51

UPDATE 2-European shares end higher on commodity recovery after bruising week

* STOXX 600 index closes 0.7% higher* Sainsbury's top gainer in STOXX 600 on bid talk* Euro zone business activity steady in August* Cembra plunges to bottom of STOXX 600 (Updates to market close)By Sruthi Shankar and Ambar WarrickAug 23 (Reuters) -...

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23 Aug 2021 09:04

Shares in UK chain Sainsbury's jump 11% on report of buyout interest

Aug 23 (Reuters) - Shares in Sainsbury's jumped 11% to a three-year high on Monday after a report over the weekend said private equity firms could launch bids worth more than 7 billion pounds ($9.6 billion) for Britain's second-largest supermarke...

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23 Aug 2021 09:02

LONDON MARKET OPEN: Sainsbury's jumps on private equity takeover talk

LONDON MARKET OPEN: Sainsbury's jumps on private equity takeover talk

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23 Aug 2021 08:18

PRESS: Private equity firms eyeing Sainsbury's takeover - Sunday Times

PRESS: Private equity firms eyeing Sainsbury's takeover - Sunday Times

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