Apollo in Talks to Join Consortium for Morrisons Offer; Rules Out Rival Bid

By Adria Calatayud

Apollo Global Management Inc. said Tuesday that it is in talks with SoftBank Group Corp.'s Fortress Investment Group LLC to form part of the consortium bidding for U.K. grocer Wm. Morrison Supermarkets PLC, and ruled out a rival offer.

New York-based Apollo said its preliminary discussions with Fortress--which led a group of investors that earlier this month agreed to buy Morrisons for 6.3 billion pounds ($8.62 billion)--may result in funds managed or advised by Apollo forming part of the consortium.

As a result, Apollo said it doesn't plan to make a separate offer for Morrisons. On July 5, Apollo said it was considering making a bid for the U.K. grocer.

Apollo said it would be fully supportive of Fortress's intentions regarding Morrisons, if their discussions lead to a deal.

There can be no certainty that an agreement will be reached, Apollo said.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

07-20-21 0230ET