Jul 3, 2021

Morrisons: Supermarket agrees £6.3bn takeover

Supermarket chain Morrisons has accepted a £6.3bn takeover bid by a US investment group led by the owner of Majestic Wines. Morrisons has nearly 500 shops and employs about 118,000 people in the UK.The deal is subject to shareholder approval but the supermarket group's directors are recommending it is unanimously voted for. The takeover is led by US private equity group Fortress Investment Group. The UK's fourth largest supermarket group turned down the bid worth £5.5bn from Clayton Dublier & Rice in June.Mr Higginson said the supermarket's "Performance through the pandemic" had improved its standing and enabled it to enter discussions with Fortress from "a hard-won position of strength". Joshua A Pack, managing partner at Fortress, said the group was committed to being "Good stewards of Morrisons".

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