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Morrisons Rejects € 5.5 Billion Takeover Offer From Private Equity Firm | Supermarkets

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Morrisons rejected a € 5.5 billion takeover bid from a private equity firm, saying it would have significantly undervalued the company.

Private equity firm Clayton, Dubilier & Rice (CD&R) had previously said it was considering a possible cash offer for the supermarket chain.

Morrisons said it rejected a conditional CD&R cash offer of 230 pence per share, which is just over $ 5.5 billion.

Morrisons said: The Morrisons board has evaluated the conditional proposal with its financial advisor, Rothschild & Co, and unanimously concluded that the conditional proposal significantly undervalues ​​Morrisons and its future prospects.

As a result, the board rejected the conditional proposal on June 17, 2021.

CD&R previously said in a statement that it takes note of press speculation regarding a potential transaction involving Morrisons and confirms that it is considering a possible cash offer for Morrisons issued and to be issued share capital.

He said there was no certainty an offer would be made.

CD&R’s statement follows a Sky News report that it made a preliminary offer to the supermarket group’s board that could value Morrisons at $ 5.5 billion.

Morrisons, based in Bradford, is the UK’s fourth largest grocer by sales, behind market leaders Tesco, Sainsburys and Asda.

Morrisons shares, down 3% from a year ago, closed at 182p on Friday, valuing the group at 4.33 billion.

An offer for Morrisons reportedly followed Walmart’s recent sale of a controlling stake in Asda to the Issa brothers and private equity firm TDR Capital.

The deal valued Asda at 6.8 billion and followed Sainsburys’ failure to take over Asda after a deal agreed by the UK competition regulator was blocked in 2019.

Morrisons has a partnership agreement with Amazon and there has been persistent speculation he could become a potential bidder.

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