Bradford, UK: Morrisons, the UK’s fourth largest supermarket, has agreed a takeover offer from Fortress Investment Group, which values Britain’s fourth largest supermarket operator at £6.3bn.
The offer from Fortress, which is backed by Canada Pension Plan Investment Board and Koch Real Estate Investments, exceeds the £5.52bn proposal from US private equity firm Clayton, Dubilier & Rice, which Morrisons rejected in June, as too low.
Under the terms of the deal, Morrisons shareholders will receive 254p a share, comprising 252p in cash and a 2p cash dividend.
Fortress is a global investment manager with about $53bn (£38bn) in assets under management Fortress has invested in grocery retail in North America and Europe, and in Majestic Wine in the UK.
