Jul 29, 2021

Shareholder dissent grows over Morrison's takeover bid

More shareholders are coming out against a proposed £6.3bn private equity-backed takeover deal for supermarket chain Morrisons. Rupert Krefting, head of corporate finance and stewardship at M&G, which owns a 1.08% stake in Morrisons, said that Fortress's proposals could be achieved by the supermarket chain while remaining in public ownership. Morrisons shareholders are due to vote on the offer on 16 August. The current offer by Fortress, which was backed by Morrisons' board of directors, is priced at 252p per share, as well as a conditional special dividend at 2p per share for investors. "Silchester encourages Morrisons' board to allow more time to respond to other parties who might offer better value to Morrisons' public shareholders," it added.

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