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US private equity firm Apollo joins battle for UK’s Morrisons

by French Press Agency - AFP

LONDON Jul 05, 2021 - 11:16 am GMT+3
People walk past a Morrisons supermarket in Stratford, east London, June 21, 2021. (AFP Photo)
People walk past a Morrisons supermarket in Stratford, east London, June 21, 2021. (AFP Photo)
by French Press Agency - AFP Jul 05, 2021 11:16 am

U.S.-based Apollo Global Management joined in among those already making takeover bids for British supermarket Morrisons, the private equity firm announced Monday.

The supermarket chain had accepted a separate bid over the weekend.

"Apollo Global Management, Inc. confirms that it is, on behalf of certain investment funds managed by it, in the preliminary stages of evaluating a possible offer for Morrisons," it said a brief statement following media speculation about its interest.

"No approach has been made to the board of Morrisons. There can be no certainty that any offer will be made, nor as to the terms on which any such offer might be made."

The news comes after Morrisons on Saturday accepted a 6.3-billion pounds ($8.7-billion) takeover offer from a consortium of investment groups.

The grouping, which comprises Softbank-owned Fortress, Canada Pension Plan Investment Board and Koch Real Estate Investments, agreed to pay 252 pence ($3.49) per share plus a 2p special dividend.

Their proposed Morrisons takeover deal is worth a total of 9.5 billion pounds including debt.

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  • Last Update: Jul 05, 2021 4:19 pm
    KEYWORDS
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