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20 Aug 2021 | 07:30

Fortress 'considering options' on Morrisons after CD&R lifts bid

(Sharecast News) - The consortium led by Fortress Investment Group said it was "considering its options" over Morrisons after its takeover offer was trumped by rival private equity group Clayton, Dubilier & Rice (CD&R). It called on Morrisons' shareholders to "take no action" on CD&R's £7bn agreed bid, trumping its own £6.7bn offer for the UK supermarket chain.

CD&R's offer is worth 285p a share, well above the 272 pence a share offered by Fortress, forcing the Morrisons board to drop its recommendation of the Fortress bid.

The latest offer gives the supermarket chain an enterprise value of £9.7bn once debt is included and Morrisons' board intends to recommend it unanimously.

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