Morrisons was at the heart of a bidding war last night as three US private equity firms jostled to buy the British supermarket. They said the price was 'fair' and claimed the private-equity firm and the consortium backing it would be 'good stewards' of the popular brand. AdvertisementIn the past, private-equity firms have stripped off and sold assets, slashed retirement payouts and laid off staff to wring out efficiencies from firms they take over. But to do so it will have to outbid Fortress, an investment firm owned by the Japanese giant SoftBank. He said supermarkets were 'cash-generating machines' whose relatively low share prices were attractive to private-equity firms.

Source: Daily Mail July 05, 2021 23:25 UTC