It is led by Softbank-owned Fortress which has partnered with Canada Pension Plan Investment Board and Koch Real Estate InvestmentMorrisons supermarket has agreed to a £6.3 billion takeover bid from a consortium of investment groups. The offer represents a 42% premium on the Morrisons share price before it was announced that the supermarket had rejected a takeover proposal from New York-based firm Clayton, Dubilier & Rice (CD&R) last month. Fortress has invested in grocery retail in both North America and Europe, and has invested in Majestic Wine in the UK. 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. "We fully recognise Morrisons' rich history and the very important role Morrisons plays for colleagues, customers, members of the Morrisons pension schemes, local communities, partner suppliers and farmers.

Source: Daily Mirror July 03, 2021 09:42 UTC