Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Morrisons stakeholder Silchester not inclined to support Fortress takeover

07/27/2021 | 01:17pm EDT
A customer carries a shopping bag outside a Morrisons supermarket in New Brighton

LONDON (Reuters) -WM Morrison's biggest shareholder, Silchester, is not inclined to support a takeover offer from private equity firm Fortress Investment Group at upcoming court and shareholder meetings, it said on Tuesday.

Silchester, which owns a 15.14% stake in the British supermarket chain, said in a statement there is little in the recommended offer that could not be achieved by Morrisons as a listed company.

Fortress and Morrisons did not immediately respond to a request for comment on the Silchester statement.

Morrisons this month agreed to a takeover led by SoftBank-owned Fortress Investment Group, which valued Britain's fourth-largest supermarket chain at 6.3 billion pounds ($8.7 billion) and topped a rival offer from Apollo.

The agreement included a scheme of arrangement with a 75% hurdle for shareholder acceptance and squeeze out.

London-based investment management company Silchester, which has been a Morrisons shareholder since 2013, said it considers such schemes of arrangement disadvantageous to public companies in general.

"In this particular case, the scheme of arrangement has enabled the adoption of a short timetable, giving insufficient opportunity for competing bids to emerge," it said in the statement, adding it encourages the Morrisons board to allow more time to respond to other parties who might offer better value to shareholders.

Private equity firms, many of which are awash with cash, have been hoovering up British companies in droves, with volumes at a record high so far this year compared with the same period in previous years.

John Laing Infrastructure was taken private by KKR this year, as was UDG Healthcare by Clayton, Dubilier & Rice.

(Reporting by Abhinav Ramnarayan in LondonAdditional reporting by Simon Jessop in LondonEditing by Rachel Armstrong and Matthew Lewis)

By Abhinav Ramnarayan


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
UDG HEALTHCARE PLC 0.00% 1079 End-of-day quote.38.33%
ZR (ZR) - CBE (ELECTRONIC)/C1 0.36% 13.88 End-of-day quote.12.10%
Latest news "Economy & Forex"
05:33pUK warned visa plan to fix truck driver shortage will not solve crunch
RE
05:09pChina welcomes Huawei executive home, Trudeau hugs Canadians freed by Beijing
RE
04:26pChina detains HNA chair, CEO
RE
04:15pChina welcomes Huawei executive home
RE
03:42pDPR, NSCDC arrest 8 illegal LPG dealers in Maiduguri
PU
03:00pU.S. Republican senators slam release of Huawei's Meng
RE
02:44pU.s. cdc says 2.53 mln people received an additional covid-19 vaccine dose since august 13, 2021
RE
02:44pU.s. cdc says delivered 471,821,155 doses of covid-19 vaccine as of sept 25 vs 470,630,875 doses delivered as of sept 24
RE
02:44pU.s. cdc says administered 389,372,689 doses of covid-19 vaccine as of sept 25 vs 388,567,109 doses administered as of sept 24
RE
02:43pU.s. cdc says 213,177,462 individuals have received at least one dose of covid-19 vaccine as of sept 25 vs 212,861,380 individuals as of sept 24
RE
Latest news "Economy & Forex"