Jul 29, 2021

M&G joins ‘no’ camp on Fortress bid for Morrisons

His comments come just days after Silchester, Morrisons' largest shareholder with a 15 per cent stake, said it was "Not inclined to support" the existing Fortress offer of 252p a share. The Fortress consortium's offer for Morrisons is structured as a scheme of arrangement, which means that at least 75 per cent of those voting, plus a simple majority of the capital, must vote in favour. About 3.6 per cent of Morrisons is held directly by individual shareholders, who can be difficult to mobilise in a takeover situation. Morrisons declined to comment on the merits of recommending the Fortress offer to investors, given the possibility that it may not secure sufficient support to proceed. Many investors are also anticipating a higher offer, with the shares trading at 264p, well above the level currently on offer from Fortress.

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