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    MRW   GB0006043169

WM MORRISON SUPERMARKETS PLC

(MRW)
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M&G says $8.7 bln Morrisons bid doesn't reflect company's true value

07/29/2021 | 12:26pm EDT

LONDON, July 29 (Reuters) - British money manager M&G has added to the voices criticising a proposed private equity takeover of British supermarket chain Morrisons, saying it does not reflect the true value of the company.

Morrisons this month agreed to a takeover led by SoftBank Group Corp-owned Fortress, which valued Britain's fourth-largest supermarket chain at about 6.3 billion pounds ($8.8 billion) and topped a rival offer from Apollo.

Rupert Krefting, head of corporate finance and stewardship at M&G, which owns a 1.08% stake in Morrisons, said in an emailed statement that Fortress's proposals could be achieved by the supermarket chain while remaining in public ownership.

"The company has experienced a successful management turnaround over the past five years and has a strong balance sheet," Krefting said in the statement.

Earlier this week, Morrisons' largest shareholder Silchester said it was not inclined to support the offer, while top five shareholder Schroders said on Thursday it was still considering its position.

JO Hambro, which owns a 1.93% stake, has also said that the proposed price per share is too low, The Daily Telegraph reported earlier on Thursday.

($1 = 0.7160 pounds) (Reporting by Abhinav Ramnarayan Editing by Jane Merriman and David Holmes)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
M&G PLC 2.10% 204.3 Delayed Quote.1.09%
SCHRODERS PLC 3.02% 3682 Delayed Quote.7.10%
SOFTBANK GROUP CORP. 1.90% 6449 End-of-day quote.-19.97%
WM MORRISON SUPERMARKETS PLC 0.00% 293 Delayed Quote.65.21%
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Analyst Recommendations on WM MORRISON SUPERMARKETS PLC
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Financials
Sales 2022 18 050 M 24 580 M 24 580 M
Net income 2022 322 M 438 M 438 M
Net Debt 2022 2 708 M 3 688 M 3 688 M
P/E ratio 2022 21,8x
Yield 2022 2,53%
Capitalization 7 071 M 9 658 M 9 628 M
EV / Sales 2022 0,54x
EV / Sales 2023 0,52x
Nbr of Employees 118 000
Free-Float 98,8%
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Technical analysis trends WM MORRISON SUPERMARKETS PLC
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TrendsBullishBullishBullish
Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 9
Last Close Price 293,00 GBX
Average target price 270,78 GBX
Spread / Average Target -7,58%
EPS Revisions
Managers and Directors
David T. Potts Chief Executive Officer & Director
Michael Gleeson Chief Financial Officer & Director
Andrew Thomas Higginson Independent Non-Executive Chairman
Trevor John Strain Chief Operating Officer & Director
Rooney Anand Senior Independent Non-Executive Director
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