New bid accepted as battle for control of Morrisons heats up

The corporate had beforehand really useful traders settle for a £6.7bn supply from a consortium led by Fortress, one other US-based funding group.

Morrisons is the UK’s fourth largest grocery store, operates nearly 500 shops and employs greater than 110,000 workers.

It has been on the centre of a takeover battle for weeks – with the bidding warfare pushing the worth greater.

In July, Morrisons turned down a proposal value £5.5bn from CD&R saying it “considerably undervalued” the enterprise.

The newest supply, which represents a 60% premium on the retailer’s share worth earlier than takeover curiosity surfaced in June, has been unanimously accepted by the board of Morrisons.

Morrisons chairman Andrew Higginson mentioned the most recent supply “represents good worth for shareholders whereas on the identical time defending the elemental character of Morrisons for all stakeholders”.

Nonetheless, it stays to be seen whether or not the brand new supply is the tip of the takeover saga.

Fortress Funding mentioned it famous the announcement of the brand new bid and “is contemplating its choices in respect of its all-cash supply”.

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