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Morrisons takeover saga could bring lots more twists before it’s in the bag
2yrs ago Private Equity theguardian Views: 313

The supermarket’s board has secured a better offer from Fortress, but there could be more on the way

• Morrisons agrees £6.3bn takeover bid from investment group

• Who are the American investors making a move on Morrisons?

The board of Morrisons has obeyed the first rule of takeover situations: generate competitive tension. Two bidders are better than one on that score, so the surprise offer from an odd-looking consortium led by the US investment house Fortress has delivered the required twist.

The new bid is pitched at 252p a share, or £6.3bn, versus the 230p offer from private equity firm Clayton, Dubilier & Rice (CD&R) that was rejected by Morrisons’ board a fortnight ago. The company’s shares closed on Friday at 240p and will be higher on Monday morning.

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