Fortress's offer comes just over two weeks after CD&R's £5.52 billion bid. This offer was ultimately rejected by Morrisons on June 17. However, under UK takeover rules, CD&R has until July 17 at the latest to make a new offer. American investment fund Apollo Global Management has also expressed its interest in the fourth British retailer.

At the same time, another company has received a couple takeover bids: GCP Student Living shares. This pushed the stock up by 14 %. The FTSE 100 closed up 0.55% yesterday.

According to the Financial Times, domestic stocks are cheaper than their peers due to pound volatility and resistance among fund managers to buy these in the past ten years. “Britain is in the bargain basement during a worldwide race to close deals before inflation raises the prospect of higher borrowing rates, and before legislative threats such as reform of US capital gains tax rein in potential returns”, the newspaper believes.

In other news, the government confirmed plans to remove all restrictions linked to Covid-19 from July 19. Ocado Group shares are up 2.2% after it managed to sharply reduce its pre-tax loss for the first half.

A few things to read today:

https://www.ft.com/content/5a435638-2bb1-4961-893a-e2c8037f37af

https://www.wsj.com/articles/chinese-regulators-suggested-didi-delay-its-u-s-ipo-11625510600?mod=hp_lead_pos1

https://www.bloomberg.com/news/articles/2021-07-05/opec-in-crisis-as-specter-of-destructive-infighting-looms-again?srnd=premium-europe

https://www.ft.com/content/e5cc18cf-081d-4b68-b469-ca77935a615e