Morrisons: Singapore’s wealth fund GIC joins Fortress’ £6.3bn takeover deal July 28, 2021 In an unexpected turn of events, Singapore’s sovereign wealth fund joined this morning forces with the private equity-led consortium seeking to buy Morrisons in £6.3bn deal. Bosses at the supermarket giant agreed the takeover move, led by institutional investor Fortress, earlier this month. However, last night, Morrison’s largest shareholder, Silchester International, said it will not [...]
Morrisons’ biggest shareholder refuses to back £6.3bn Fortress-led takeover bid July 27, 2021 Morrisons’ largest shareholder has announced “it is not inclined to support” a £6.3bn takeover bid by a consortium led by SoftBank-owned Fortress. Silchester International Investors, which owns 15.1 per cent of Morrisons, said in a statement on Tuesday evening that “there is little in the recommended offer that could not be achieved by Morrison as [...]
Morrisons shareholders to vote on Fortress-led takeover bid on 16 August July 22, 2021 Shareholders in Morrisons will vote on a £6.3bn takeover bid from a trio of private investment groups led by SoftBank-owned Fortress on 16 August. In a document outlining Fortress Investment’s offer, Morrisons today said a court meeting and a general meeting of shareholders would be held on the August date. Fortress’ offer for the British [...]
Apollo pulls out of Morrisons takeover talks but could join Fortress-led bid July 20, 2021 Apollo Global Management has pulled out of its takeover talks to acquire Morrisons, but is in discussions to join the group leading the charge to buy the British supermarket chain. In a statement published this morning, the private equity firm said: “Apollo confirms that it does not intend to make an offer for Morrisons other [...]
Morrisons push ahead with plans to open automated grocery store as ‘pingdemic’ continues to hit supermarkets July 19, 2021 Morrisons are said to be close to unveiling an unmanned pilot store to the public “within months”, as they look to follow Amazon’s lead in modernising the approach to grocery shopping. The store will rely on shoppers to scan their smartphones upon entry before having digital cameras follow their every step in store to check [...]
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 [...]