Fortress lifts offer for Morrisons to 270p per share plus special dividend

0
35
imageStock Markets14 hours ago (Aug 06, 2021 11:18)

© Reuters

By Samuel Indyk

Investing.com – US-based investment firm Fortress Investment Group has raised its off for Morrisons (LON:MRW) to 270 pence per share plus a 2 pence special dividend. 

Morrisons directors have re-confirmed their unanimous recommendation and believe that the increased Fortress offer is in the best interests of Morrisons shareholders as a whole. The board recommends shareholders vote in favour of the resolutions required to implement the increased Fortress offer to be proposed at the Court Meeting and General Meeting which are due to be held on 16th August.

The two parties had previously agreed to a deal earlier this year, with Fortress offering 252 pence per share plus a 2 pence special dividend to purchase Morrisons.

The new bid from Fortress represents a 7% premium to the original Fortress offer.

Clayton, Dubilier & Rice (CDR) had previously had a £5.5 billion bid rejected for Morrisons but The Times newspaper recently reported that the US private equity group was working on another bid.

It is unclear whether CDR still intends to make an offer for Morrisons or whether the increased offer from Fortress will deter the group from upping its bid.

At 11:29BST, shares in Morrisons were trading higher by 2.2% at 277.84 pence per share.

Fortress lifts offer for Morrisons to 270p per share plus special dividend

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

LEAVE A REPLY

Please enter your comment!
Please enter your name here