Supermarkets bleed sales thanks to food shortages October 3, 2021 The country’s largest supermarkets have lost out on more than £2bn sales this year so far thanks to food shortages. Leading retailers – Tesco, Sainsbury’s, Asda and Morrisons – lost out on sales during the first nine months of the year, according to data shared with trade magazine The Grocer. The sector has been hit [...]
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 [...]
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 [...]
MPs speak out as Morrisons bidder plans to run grocer from Cayman Islands September 26, 2021 The private equity eyeing supermarket Morrisons has lined up an entity in the tax haven Grand Cayman to run the supermarket giant, bid documents have revealed. Cross-party MPs have urged Clayton, Dubilier & Rice (CD&R) to assure it will pay UK corporate tax rates on Morrisons’ turnover, the Sunday Times reported. CD&R revealed full details [...]
CEOs plot acquisition spree as UK recaptures global attention September 14, 2021 With AA motoring group, Asda, Morrisons and Stock Spirits taken over by private equity firms such as CVC, the UK market has recaptured the globe’s attention, having seen an unprecedented wave of deals. Stemming from initial undervaluations due to Covid-19 and Brexit, on average, UK companies were being undervalued by around 30 per cent, according to recent data from Schroders. [...]
CDR agrees pensions deal with Morrisons as takeover nears September 14, 2021 Private equity house Clayton, Dubilier & Rice (CDR) looks to have shored up its grip on takeover target Morrisons after coming to an agreement with trustees over the supermarket’s pension schemes. The supermarket has been at the heart of a bidding war between CDR and fellow private equity firm Fortress, with the former agreeing a £7bn [...]
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 [...]
Supermarket sellout: After Morrisons, private equity firms are circling Sainsbury’s August 23, 2021 Private equity companies are circling British supermarket group Sainsbury’s with a view to possibly launching bids of more than £7bn. Watch the full report.