The battle for British supermarket group Morrisons

Article content material

The battle for Morrisons, Britain’s fourth-largest grocery store group, is probably the most high-profile looming takeover within the nation amid a raft of bids and counter bids, reflecting non-public fairness’s urge for food for UK Plc.

Here’s a timeline of occasions to date:

June 19 Morrisons rejects proposed 5.52 billion pound ($7.64 billion)money provide from Clayton, Dubilier & Rice (CD&R).

June 30 Morrisons investor JO Hambro says CD&R ought to improve its provide to round 6.5 billion kilos.

July 3 Morrisons agrees to a 6.3 billion pound provide from a consortium led by SoftBank-owned Fortress Funding Group.

Article content material

July 5 A 3rd non-public fairness group, Apollo World Administration, says it’s evaluating a potential provide for Morrisons.

July 20 Apollo says it is not going to bid for Morrisons by itself however might be a part of the Fortress consortium.

July 22 Scheme doc outlining Fortress’ provide is revealed and Aug. 16 set for Morrisons’ shareholders to vote on provide. UK Takeover Panel provides CD&R till Aug. 9 to announce a agency intention to make a suggestion or stroll away.

July 27 Silchester, Morrisons’ greatest shareholder, says not inclined to assist Fortress provide.

July 28 Singapore’s sovereign wealth fund GIC joins Fortress-led non-public fairness consortium.

July 29 Morrisons investor M&G says Fortress provide doesn’t mirror worth of group.

Aug. 6 Morrisons agrees to improved provide value 6.7 billion kilos from Fortress consortium and adjourns shareholder assembly to vote on provide to Aug. 27.

Article content material

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 provide from CD&R and drops Fortress suggestion. Fortress says it’s “contemplating its choices.” Morrisons adjourns Aug. 27 shareholder assembly, says new assembly can be held round week beginning Oct. 4.

Aug. 23 Morrisons shareholder Authorized & Normal says it believes the true worth of the grocery store group must be realized following CD&R’s sweetened bid, with extra consideration now being paid to its property property.

Aug. 24 Morrisons’ pension schemes warn a takeover by both CD&R or Fortress may “materially weaken” the safety of the schemes if no extra safety is agreed.

Aug. 27 Morrisons says scheme doc for CD&R’s provide to be revealed on or round Sept. 11. It says shareholder assembly to vote on CD&R provide can be held on or round Oct. 5. ($1 = 0.7227 kilos)

(Reporting by James Davey; Enhancing by)