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09 Aug 2021 | 10:31

CD&R given more time to make counter offer for Morrisons

(Sharecast News) - US private equity firm Clayton, Dubilier & Rice (CD&R) has been given more time to put forward a takeover offer from UK supermarket chain Morrisons. The deadline for CD&R to either announce a firm intention to make an offer or walk away has been pushed pack by two weeks until 20 August by the Takeover Panel.

Morrisons rejected a £5.5b bid from CD&R in June, arguing that it "significantly" undervalued the business and its prospects.

CD&R made the request for more time on Friday, as Morrisons said it had agreed to an increased £6.7bn takeover offer from a consortium led by SoftBank-backed Fortress.

Fortress lifted its offer to 272p a share form 254p a share. Under the terms of the deal, Morrisons shareholders would receive 270p a share in cash plus a special dividend of 2p.

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





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