Will Morrisons benefit from a Fortress takeover?

Will Morrisons benefit from a Fortress takeover?

Morrisons is on the cusp of going private for the first time in over 50 years. Earlier this month, the Big 4 grocer agreed to a £6.3 billion takeover bid from private equity firm Fortress. It came shortly after an earlier £5.5 billion takeover bid from US private equity firm Clayton Dub, which was rejected. The newer offer from Fortress is set to see shareholders receive 252p per share plus a 2p special dividend. And while takeover deal values Morrisons at £6.3 billion, after the inclusion of £3.2 billion of net debt, that total value grows to £9.5 billion. However, it is not yet clear if the bidding process is complete, with speculation that CD&R could return with another bid, or a fresh bid – or bids – could arise from another private equity firm. Even online giant Amazon has been linked with making a potential bid.

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