Britain’s Morrisons agrees to Fortress’ raised $9.3 billion offer By Reuters

© Reuters. FILE PHOTO: A buyer carries a buying bag exterior a Morrisons grocery store in New Brighton, Britain, July 5, 2021. REUTERS/Phil Noble

LONDON (Reuters) -British grocery store group Morrisons has agreed to a raised takeover provide value 6.7 billion kilos ($9.3 billion) from a consortium led by Softbank (OTC:) owned Fortress Funding Group, it mentioned on Friday.

The brand new Fortress provide contains 270 pence per Morrisons share plus a 2 pence a share particular dividend.

Morrisons mentioned its board has re-confirmed its unanimous advice of the provide.

The board had beforehand agreed a Fortress provide value 254 pence a share or a complete of 6.3 billion kilos on July 3.

Nonetheless, main Morrisons buyers Silchester, M&G and JO Hambro all indicated that provide was too low.

U.S. non-public fairness group Clayton, Dubilier & Rice (CD&R) CD&R had a 230 pence a share proposal value 5.52 billion kilos rejected by Morrisons on June 17.

Britain’s Takeover Panel, which regulates company takeovers, had set an August 9 deadline for CD&R to come back again.

($1 = 0.7189 kilos)

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