Skip to main content

Morrisons £7bn takeover battle to go to auction on Saturday

// The £7bn battle for Morrisons will go head-to-head this week
// CD&R started its pursuit of Morrisons in June, while Fortress entered the fray in July
// Consisting of a maximum of five round, the auction will take place on October 2

The forthcoming Morrisons auction between two US private equity groups is set to go ahead on October 2.

The £7 billion battle for Morrisons will go head-to-head this week in up to five rounds of bids.

Clayton, Dubilier & Rice (CD&R) and Fortress Investment Group have agreed to settle the matter in a one-day auction.

READ MORE: Morrisons supermarket workers win key legal battle in equal pay fight

In the first round, either party is able to make an increased bid on their current offers.

If the auction fails to conclude after the first round, there will be up to a further three rounds, with either firm only eligible to make a bid if their rival has upped the price in the preceding round.

If there is still no clear winner, there will be a fifth and final round, with both offerors able to make increased bids.

Any increased bid lodged in any round of the auction procedure must be at a fixed price in cash in pounds sterling and in whole pence.

CD&R started its pursuit of Morrisons in June, while Fortress entered the fray in July.

Given that neither bidder had declared its offer final, the takeover panel said all of the parties had agreed to an auction process to decide the outcome.

Morrisons is required to make its own announcement by no later than 7am on October 5, setting out the board’s view of the offers on the table and its intended recommendation to shareholders.

Click here to sign up to Retail Gazette’s free daily email newsletter

The post Morrisons £7bn takeover battle to go to auction on Saturday appeared first on Retail Gazette.



from Retail Gazette https://ift.tt/39LSfrN
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
70 comments
Read more

Sagar Daryani, CEO and Co-founder – Wow! Momo & Saga: From a Kiosk to a Kingdom

Sagar Daryani’s entrepreneurial odyssey from humble beginnings to pioneering success has redefined the landscape of food startups in India. Co-founding Wow! Momo, he has spearheaded the growth of the largest indigenous QSR chain in the country, crafting a remarkable saga of triumph The Genesis: A Visionary Venture Takes Root In 2008, armed with a mere Rs. 30,000 and boundless ambition, Sagar Daryani and Binod Homagai embarked on their entrepreneurial journey while still pursuing their graduation in B.Com Hons from St. Xavier’s College, Kolkata, even before their college results were out. They knew the value for money and boot-strapped to plough back profits and grow their venture. Sagar spearheaded brand expansion, brand creation, and marketing and retail operations. Grew across the city with a strong consumer focus. The early days were hard but keeping track of the money flow was even harder. Believing in the concept of ‘1 rupee saved is 5 rupees earned’, and the lessons they lear...
1 comment
Read more

Homegrown ice cream chain HOCCO to open 250 stores, eyes Rs 400 crore by FY26

Ankit Chona, Founder and Managing Director of HOCCO, delves into the company’s revenue model, growth strategies, and vision for the future… Bengaluru: HOCCO (House of Chonas Collaborative) , the Ahmedabad-based ice cream and quick-service restaurant (QSR) chain, boasts a rich legacy spanning over 70 years, with roots tracing back to pre-independence India. The Chona family has been deeply entrenched in the food industry since 1944, originally operating in undivided Pakistan. Following the Partition, Satish Chona , an engineer with British Overseas Airways Corporation, relocated from Karachi to India. After journeying through multiple cities, he ultimately settled in Ahmedabad, where he established his first QSR outlet in 1953. Three decades later, he expanded into the casual dining segment, launching a restaurant in Baroda while continuing the family’s ice cream manufacturing business. However, in 2017, the company sold its ice cream division to a South Korean firm, shifting its fo...
Post a Comment
Read more