Share Prices & Company Research

Market News

20 Jul 2021 | 07:07

Apollo in talks to join Fortress bid for Morrisons

(Sharecast News) - Apollo Global Management is in talks with Fortress Investment Group to join its bid for Morrisons and said it would not make an offer for the supermarket group on its own. The US private equity group said on 5 July it was considering a bid after Morrisons' board recommended a £6.3bn offer from Fortress, a group of investors led by Softbank. Bidding was triggered by a £5.5bn proposal from rival US buyout firm Clayton, Dubilier & Rice.

Apollo said it was in discussions "which may result in funds managed or advised by Apollo forming part of the investment group led by Fortress for the purposes of the Fortress offer. As a consequence of these discussions, Apollo confirms that it does not intend to make an offer for Morrisons other than as part of the Fortress offer."

The announcement may dash investors' hopes that a bidding war would break out for Morrisons, Britain's fourth-biggest supermarket chain. Another US private equity group, Lone Star, is reported to be interested in a bid.

Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 7th October 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.