Share Prices & Company Research

Market News

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.

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.