The battle for British supermarket group Morrisons

  • 8/20/2021
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LONDON, Aug 20 (Reuters) - The battle for Morrisons (MRW.L), Britain"s fourth-largest supermarket group, is the most high-profile looming takeover in the country amid a raft of bids and counter bids, reflecting private equity"s appetite for UK Plc. read more Here is a timeline of events so far: June 19 Morrisons rejects proposed 5.52 billion pound ($7.7 billion) cash offer from Clayton, Dubilier & Rice (CD&R). June 30 Morrisons investor JO Hambro says CD&R should increase its offer to around 6.5 billion pounds. July 3 Morrisons agrees to a 6.3 billion pound offer from a consortium led by SoftBank (9984.T) - owned Fortress Investment Group. July 5 A third private equity group, Apollo Global Management, says it is evaluating a possible offer for Morrisons. July 20 Apollo says it will not bid for Morrisons on its own but may join the Fortress consortium. July 22 Scheme document outlining Fortress" offer is published and Aug. 16 set for Morrisons" shareholders to vote on offer. UK Takeover Panel gives CD&R until Aug. 9 to announce a firm intention to make an offer or walk away. July 27 Silchester, Morrisons" biggest shareholder, says not inclined to support Fortress offer. July 28 Singapore"s sovereign wealth fund, GIC, joins Fortress-led private equity consortium. July 29 Morrisons investor M&G (MNG.L) says Fortress offer does not reflect value of group. Aug. 6 Morrisons agrees to improved offer worth 6.7 billion pounds from Fortress consortium and adjourns shareholder meeting to vote on offer to Aug. 27. Aug. 9 Takeover Panel extends CD&R"s "put-up or shut-up" deadline to Aug. 20. Aug. 19 Morrisons agrees to 7.0 billion pound offer from CD&R and drops Fortress recommendation. Fortress says it is "considering its options". Morrisons adjourns Aug. 27 shareholder meeting, says new meeting will be held around week starting Oct. 4. ($1 = 0.7207 pounds) Reporting by James Davey Editing by Tomasz Janowski and David Holmes Our Standards: The Thomson Reuters Trust Principles.

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