PRESS: Clayton Dubilier & Rice considering new offer for Morrisons

(Alliance News) - Clayton Dubilier & Rice is considering a new takeover offer for Wm Morrison ...

Alliance News 21 July, 2021 | 6:54AM
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(Alliance News) - Clayton Dubilier & Rice is considering a new takeover offer for Wm Morrison Supermarkets PLC, The Times reported late Tuesday.

The newspaper said the New York-based private equity firm is "understood" to be arranging a financing package for a new offer with JP Morgan Chase & Co, Goldman Sachs Group Inc and BNP Paribas SA. Goldman Sachs is CD&R's adviser, the Times noted.

Back in June, Morrisons rejected a GBP5.5 billion offer from CD&R, saying it was too low. The price of 230 pence per share later was trumped by a GBP6.3 billion, 254p per share total offer - accepted by the Morrisons board - from a group of investors comprising Softbank Group Corp-owned Fortress, Canada Pension Plan Investment Board and Koch Real Estate Investments.

On Tuesday, asset manager Apollo Global Management said it had decided against making an offer for Morrisons.

The potential for a bidding war over the Bradford, West Yorkshire-based supermarket chain appeared to have subsided as Apollo said it had joined discussions with the Fortress-led bidding group.

Morrisons shares closed at 261.00p on Tuesday, down 0.3% on the day, though up 46% over the past month.

By Tom Waite;

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Morrison (Wm) Supermarkets PLC 293.00 GBX 0.00
Goldman Sachs Group Inc 385.47 USD 2.56
JPMorgan Chase & Co 155.91 USD 1.92
BNP Paribas Act. Cat.A 53.16 EUR 3.50

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