Inactive Instrument

Wm Morrison Supermarkets

Equities

MRW

GB0006043169

Morrisons in Talks Over Potential Auction to Resolve Bidding War

September 08, 2021 at 02:38 am EDT

By Joe Hoppe

Wm. Morrison Supermarkets PLC said Wednesday that it is in talks over a possible auction to resolve a competitive situation between Clayton Dubilier & Rice LLC and a consortium led by Fortress Investment Group LLC.

The U.K. grocer said that given neither Fortress's offer of 272 pence ($3.75) a share nor CD&R's offer of 285 pence a share for the company has been declared final, and can both be further increased or otherwise revised, a competitive situation continues to exist.

The company said that its management has engaged with the U.K. Takeover Panel executive together with Fortress and CD&R to begin discussions about an orderly framework to resolve the issue.

Morrisons said that an auction date will be announced by the panel in due course, but that it will held before Oct. 18, when a meeting to proceed with either the Fortress or the CD&R offer has been scheduled.

The grocer said that its management has stressed the wider responsibilities of ownership of the company, including a recognition of the importance of the business to shareholders.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

09-08-21 0237ET

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Company Profile

Wm Morrison Supermarkets PLC is engaged in the operation of retail supermarket stores under the Morrisons brand and associated activities. The Company's brands include Naturally Wonky, Free From, Nutmeg, Home Cook, V Taste and Little Kitchen. It has food manufacturing capabilities in meat, fish, bakery, fruit and veg, deli and flowers. Its Morrisons branded beef, lamb, pork, chicken, milk and eggs are sourced in the United Kingdom. The Company serves customers across the United Kingdom through approximately 497 stores and an online home delivery service. The Company operates over seven regional distribution centers and one national distribution center. Its subsidiaries include Bos Brothers Fruit and Vegetables B.V., Chippindale Foods Limited, Safeway Stores Limited, Erith Pier Company Limited, Firsdell Limited, Kiddicare Properties Limited, Neerock Farming Limited, Neerock Limited and Rathbone Kear Limited.

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