Morrisons has agreed a takeover offer from a new US investment group led by the owner of Majestic Wines valuing the British supermarket group at £6.3billion. Koch Industries was started by Fred C. Koch who developed a cracking method to refine crude oil into gasoline. Shares in Morrisons closed on Friday at 243 pence, valuing the business at £5.8billion. Morrisons said an initial unsolicited proposal was received from Fortress on May 4 at 220 pence a share. Andrew Higginson, chairman of Morrisons, said: 'The Morrisons directors believe that the offer represents a fair and recommendable price for shareholders which recognises Morrisons' future prospects.

Source: Daily Mail July 03, 2021 07:20 UTC