Morrisons suitor CD&R given more time to make counter offer By Reuters

© Reuters. FILE PHOTO: Consumers stroll previous a department of the meals retailer Morrisons in west London, Britain, January 7, 2017. REUTERS/Toby Melville/File Photograph

LONDON (Reuters) – Morrisons suitor, U.S. personal fairness group Clayton, Dubilier & Rice (CD&R), has been given extra time to think about a counter takeover bid for the grocery store group.

Britain’s Takeover Panel, which regulates takeover exercise, stated on Monday CD&R would have till August 20 to announce a agency intention to make a proposal for Morrisons or stroll away, a so-called “put-up or shut-up” order, extending a earlier deadline of August 9.

Morrisons, which on Friday agreed a raised 6.7 billion kilos ($9.3 billion) supply from a consortium led by Softbank (OTC:) owned Fortress Funding Group, had requested the Takeover Panel set a revised deadline for CD&R.

On Friday, Morrisons additionally postponed an Aug. 16 shareholder assembly to vote on the Fortress supply and set a brand new date of Aug. 27.

Fortress’ revised supply contains 270 pence per Morrisons share plus a 2 pence a share particular dividend. Fortress stated it “stays dedicated to changing into the brand new proprietor of Morrisons.”

Nevertheless, shares in Morrisons, Britain’s fourth largest grocer after market chief Tesco (OTC:), Sainsbury’s and Asda, closed Friday at 278.8 pence, indicating buyers are hoping for a better supply.

($1 = 0.7209 kilos)

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