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06 Aug 2021 | 11:52

Fortress lifts bid for Morrisons to £6.7bn

(Sharecast News) - Supermarket chain Morrisons has agreed to an increased £6.7bn takeover offer from a consortium led by SoftBank-backed Fortress Group. Fortress has lifted its offer to 272p a share form 254p a share. Under the terms of the deal, Morrisons shareholders will receive 270p a share in cash plus a special dividend of 2p.

The consortium also includes the Canada Pension Plan Investment Board and an investment company controlled by Koch Industries.

News of the increased offer comes just days before the deadline for rival buyout firm Clayton, Dubilier & Rice to put forward an offer.

"The original Fortress offer was announced after extensive negotiations between the Morrisons board and Fortress," the investment group said. "However, Bidco notes the speculation regarding a possible counter-offer by CD&R. Bidco remains committed to becoming the new owner of Morrisons and to being a responsible long-term steward of this great British company through the next stage of its evolution.

"Accordingly, Bidco has engaged with the Morrisons board and its advisers in relation to the value of the original Fortress offer."

C,D&R has until Monday to put forward an offer.

At 1205 BST, Morrisons shares were up 2.3% at 278.30p.

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