UK grocery chain Morrison rejects takeover offer from US buyout firm
20 June 2021 - 19:10
London — Wm Morrison Supermarkets rejected as undervalued an unsolicited proposal from US buyout firm Clayton Dubilier & Rice (CD&R) that valued the UK grocery chain at about $5.5bn.
Morrison received a proposed cash offer at 230p a share on June 14 and rejected it three days later after discussions with its adviser Rothschild & Co, the company said in a statement on Saturday. The proposal is about 29% more than Friday’s close in London, a hefty premium for investors nursing a 6.3% decline over the past 12 months...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.