Supermarkets urge shoppers to keep masks on after 19 July July 15, 2021 Supermarkets are urging customers to continue wearing masks even after 19 July, when they will no longer be a legal requirement in England. Prime Minister Boris Johnson has announced that from Monday 19 July, dubbed ‘Freedom Day’, almost all pandemic restrictions will be lifted including the legal requirement to wear masks. Instead the public will [...]
Morrisons bosses set for bumper payday from private equity takeover July 11, 2021 Three of Morrisons’ most senior executives are set to earn millions from the supermarket’s proposed private equity takeover as scrutiny grows over the deal. Morrisons has accepted a £6.3bn takeover offer by a consortium of funds led by private equity firm Fortress — the latest in a growing frenzy of US buyouts of British firms. [...]
Kwarteng to request meeting with Morrisons boss over buyout July 7, 2021 Business minister Kwasi Kwarteng will request a meeting with the boss of Morrisons to seek reassurances over jobs, pensions and the supermarket’s operations ahead of a potential buyout. Ministers will meet with executives at Morrisons ahead of a potential takeover by a consortium of funds headed by New York private equity house Fortress. The meeting [...]
Major investor LGIM calls for more detail on Morrisons property portfolio before voting on takeover July 5, 2021 Legal & General Investment Management (LGIM), one of Morrisons’ biggest shareholders, has called for more detail on Morrisons’ property portfolio before it votes on a private equity takeover bid. Over the weekend Morrisons accepted a £6.3bn takeover offer by a consortium of funds led by private equity firm Fortress. But this morning rival Apollo said [...]
Morrisons: Amazon Fresh deal could be key factor in takeover battle of the summer July 5, 2021 Morrisons’ supply deal with Amazon could be a major factor in what is shaping up to be the biggest takeover battle of the summer, with the scale and scope of Amazon offering bidders a unique chance to be part of what could be a major market upset. This morning Morrisons share price rocketed more than [...]
Morrisons accepts £6.3bn takeover bid from SoftBank-backed Fortress July 3, 2021 Morrisons has accepted a £6.3bn takeover bid from a new group of funds led by affiliates of SoftBank-backed Fortress, the firm announced this morning. Morrisons shareholders will receive 254p a share, comprising 252p in cash and a 2p cash dividend. Read more: Top Morrisons investor says CD&R should up its bid to £6.5bn The group is [...]
Top Morrisons investor says CD&R should up its bid to £6.5bn June 30, 2021 A top Morrisons shareholder said that New York bidder Clayton, Dubilier & Rice (CD&R) must pay “a fair price” for the supermarket. One of Morrison’s top 10 investors J O Hambro has said that any potential bidder for the supermarket should raise its offer to £6.5bn if it wants the takeover to succeed. Shares in [...]
Labour says government should intervene in private equity takeover of Morrisons June 23, 2021 Labour has called on the government to confirm it will intervene in any private equity takeover of Morrisons to secure binding commitments about the buyer’s business plan, on jobs and on pensions. Morrisons revealed this weekend it had rejected a £5.5bn takeover bid from private equity firm Clayton, Dubiliter & Rice (CD&R), saying it believed [...]
MPs to write to competition watchdog over potential takeover of Morrisons June 22, 2021 The Business, Energy and Industrial Strategy Committee is reportedly preparing to write to the Competition and Markets Authority over the takeover of Morrisons. The MPs’ decision to intervene followed concern from a group of Labour MPs that a private equity takeover of the UK’s fourth biggest supermarket would put thousands of jobs at risk, the [...]
Private equity interest: Why is Morrisons such an attractive takeover target? June 21, 2021 Morrisons has rejected a £5.5bn takeover approach from a US private equity firm amid speculation that more UK supermarkets could be snapped up. Shares in Morrisons jumped earlier this morning following confirmation of the rejection at the weekend, as the chain said potential bidder Clayton, Dubilier & Rice “significantly undervalued” the grocer with its 230p-per-share [...]