Share Prices & Company Research

Market News

08 Sep 2021 | 07:44

Bid for Morrisons set to be decided by auction

(Sharecast News) - Morrisons said on Wednesday that it is in talks with the Takeover Panel about launching an auction process for the supermarket chain after Fortress Investment Group and Clayton Dubilier & Rice failed to declare their bids final. Morrisons agreed last month to be bought by CD&R for £7bn. However, a consortium led by Softbank-owned Fortress could still outbid CD&R, having previously offered £6.7bn.

"On the basis that neither Fortress Bidco nor Market Bidco have declared their offers final, such that either offer may be further increased or otherwise revised, a competitive situation continues to exist," Morrisons said in a statement.

"The board of Morrisons has engaged with the Panel Executive together with Market Bidco and Fortress Bidco in order to begin discussions around an orderly framework for the resolution of this competitive situation (the 'Auction Procedure')."

An auction date will be announced by the panel in due course, Morrisons said, but it will be held before 18 October as a shareholder meeting to decide which offer to proceed with had been scheduled for on or around that date.

Following completion of an auction process, Morrisons shareholders would then vote on an offer, depending on which one is recommended by the board.

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.