On what appeared to be a day of luck, Fortress Investment Group has come from behind to take over Morrisons Supermarkets. The British supermarket chain had announced that it was ready to be taken over by any willing buyer that would meet the owners’ threshold.
After months of bids, Fortress Investment Group New York has finally taken over the stores. In their agreement note, Morrisons Supermarkets said it was pleased by the offer and commitment shown by Fortress Investment Group New York. “To this end, we agree to accept the offer given to us by our interested friends.
Although it wasn’t easy to arrive at this decision, we are pleased and thus willing to surrender everything that Morrisons has,” said one of the top managers of Morrisons Supermarkets who asked for anonymity.
Before Morrisons accepted Fortress Investment Group New York’s offer, the supermarket chain had received a relative number of bids. One of the closest bids was from Clayton, Dubilier & Rice’s, which Morrisons termed ‘way to low’, a point at which the management said they would not accept. CD&R’s offer was valued at £5.5 billion. In comparison, Morrison Supermarkets looked at Fortress Investment Group New York’s $8.7 billion with favor thus after a few weeks of intense deliberations, Morrisons Supermarkets accepted the offer.
Thanks to the agreement, now Morrisons’ shareholders have a reason to celebrate. The deal gives each shareholder a chance to receive a total of 254 pence per share (254 pence in case and an extra 2-pence in cash dividend). According to the UK’s supermarkets reports of 2018 through the half of 2021, Morrisons Supermarkets take position four behind other market leaders such as Tesco Supermarkets, Sainsbury’s Supermarkets and Asda. A day before the closure of the deal between Morrisons Supermarkets and Fortress Group New York, the supermarket had recorded a closing share of 243-pence, giving the supermarket a value of £5.8 billion. Go Here for related Information.