Morrisons to cut sick pay for unvaccinated staff amid rising costs September 10, 2021 Morrisons, the fourth biggest UK supermarket, will cut sick pay for unvaccinated employees who need to self-isolate in a bid to limit the “biblical costs” of the pandemic, according to reports. The news comes as the supermarket readies itself to be auctioned off next month and after it reported a slide in interim profit before [...]
Morrisons CEO: Higher prices are coming due to lorry driver shortage September 9, 2021 The boss of supermarket giant Morrisons has warned of pressure on prices due to the lorry driver shortage and higher costs. The takeover target – which is at the centre of a bidding battle between two US private equity firms – said it expects industry-wide retail price inflation in the coming months as a result [...]
Morrisons revenue tops £9bn, painting picture of health for bidders September 9, 2021 Morrisons has topped a revenue of £9bn in the past six months, as the bidding battle over the supermarket giant escalates. The retailer enjoyed a revenue lift of 3.7 per cent, including its fuel earnings, in its interim results for the six months to 1 August, painting a picture of health for potential buyers. The [...]
CD&R wins takeover battle for Morrisons at auction with £7bn bid October 3, 2021 US private equity firm Clayton, Dubilier & Rice has beaten the Fortress Investment consortium at auction for Morrisons with a bid of £7bn for the supermarket. Clayton, Dubilier & Rice (CD&R) bid 287 pence per share – 2 pence per share above their existing offer and just a penny above the 286 pence offered by [...]
Morrisons goes to auction: Fortress and CD&R escalate bidding battle September 8, 2021 The bidding battle over supermarket giant Morrisons has escalated, and appears to be heading for a conclusion after the supermarket confirmed it was headed for auction. Private equity bidders Fortress and Clayton, Dubilier & Rice have spent the past two months outbidding each other in an attempt to acquire what many analysts believe is an [...]
Crunch time: Morrisons takeover battle to culminate in one-day auction this weekend September 29, 2021 A months-long multibillion pound takeover battle for Morrisons will culminate in a one-day auction on Saturday, the UK’s takeover watchdog has confirmed. The stock market’s Takeover Panel said it would run a bidding process of up to five rounds this weekend because neither of the private equity bidders Clayton, Dubilier & Rice and the Fortress [...]
Judge rules in favour of Morrisons workers in £100m fight for equal pay September 28, 2021 Thousands of Morrisons retail staff are making progress with their £100m fight for equal pay following a new ruling at an employment tribunal. The ruling, by judge Davies at Leeds Employment Tribunal, confirmed that Morrisons’ shop floor workers can compare their pay with the supermarket giant’s distribution centre workers. The mostly female staff, both current [...]
Morrisons shareholders give seal of approval to $10bn CD&R takeover deal October 19, 2021 Shareholders in Morrisons have voted to approve a £7bn ($9.7bn) takeover bid from US private equity firm Clayton, Dubilier & Rice, in the official end to a long and heated takeover battle. British supermarket Morrisons said the required majority of three quarters of its shareholders backed the deal at a hybrid in-person and virtual investor [...]
Caymans link won’t stop Morrisons paying UK taxes, says Leahy October 14, 2021 MORRISONS will pay its taxes in the UK despite the incoming private equity owners using a Cayman Islands firm to operate the business, according to retail giant Sir Terry Leahy. MPs had questioned the arrangement behind the successful Clayton, Dubilier & Rice (CD&R) takeover of the supermarket, sealed in an auction recently, which will see [...]
Morrison Foerster are first law firm to mandate vaccines for London lawyers August 26, 2021 Law firm Morrison Foerster have publicly announced that its lawyers must be fully vaccinated against covid-19 to return to the London office. Morrison Foerster, also known as MoFo, will make covid-19 vaccinations mandatory from 13 September for those coming back to the office, where they will also need to wear a mask in common areas [...]