Morrison (wm) Supermarkets Share Discussion Threads

[nerdlinger] 03/7/2021 09:25

7am Monday morning for the rns to wake up

[ashleyjv] 03/7/2021 09:18

Has an actual RNS been released about the deal? I can't find it

[nerdlinger] 03/7/2021 09:11

Interesting timing then re Yorkshire Post article. Jeff Bezos last day as CEO today.

[...]

cant post link to article or tinyurl for some reason, just get that square brackets elipsis.

[regandharry5] 03/7/2021 09:08

Offer accepted then. £2.52 in cash per share plus 2p dividend .

[chef2] 03/7/2021 09:01

This is worth a read: ok it’s Yorkshire post this morning
[...]

It says Fortress made several offers and the 2.54 was achieved on June 4th. Maybe CDR was just a stalking horse? With this amount of time past and the board obviously so positive, maybe Amazon have already been approached and at this point are happy enough to continue to work with Morrison’s under their existing agreements ??

[marl07] 03/7/2021 08:45

Good place to sell ?? American chicken.?and me moo.

[adrian noble] 03/7/2021 08:43

My initial thought was why accept this offer when the likes of L&G have indicated 2.70 plus ?
My conclusion is that the offer has been accepted to flush out all the other interested parties.

Surely CD&R wouldn't just walk away now having been pipped at the post by 800 million.

This is about to get very exciting, eventual price will be in the range of £2.70 to £2.85, and if Amazon decides to join the party we'll be looking at £3.00 plus IMHO.

[pjleeds] 03/7/2021 08:42

Having said that the offer is not good enough, I would rather a slight loss of profit than for morrisons to be asset stripped.

[astute person] 03/7/2021 08:41

Wouldn’t surprise me if a third bidder entered the fray.....not many businesses with strong asset backing and a pension fund that has a big surplus...totally undervalued by the market and analysts......pension fund raid and asset stripping going on here.

[amelia airhead] 03/7/2021 08:40

As I suspected, not a done deal yet.

Unlike William Hill, there are already two interested parties that have bid for Morrisons so share price likely to open much higher than £2.54.

Also Amazon not yet in the fray which they may join rather than lose out in subsequent supermarket trading; if so there may be blood on the walls soon!

[marl07] 03/7/2021 08:40

Up 13 pence on an extra billion offered. Let's see Monday!

[pjleeds] 03/7/2021 08:35

Offer not good enough.

[dipa11] 03/7/2021 08:23

Bid accepted with lower difference why?I am waiting for counter bid after 13th July 21 maybe surprise the market Wait and watch

[chef2] 03/7/2021 08:14

Glad I wasn’t the only one to see 4m go through recently at £3.09, that would be closer to where I would expect Amazon to value it as an asset not a strip out

[chinese investor] 03/7/2021 08:08

Fifty years ago Jim left us !

Coincidence or what ?

[chinese investor] 03/7/2021 08:06

Now the action starts !

[chinese investor] 03/7/2021 08:05

Morrisons has agreed to a takeover offer from the global investment manager Fortress Investment Group, which values the British supermarket group at £6.3bn.

The bid is backed by a unit of Koch Industries and Canadian pension fund CPPIB. Under the terms of the deal, Morrisons shareholders will receive 254p a share, comprising 252p in cash and a 2p cash dividend.

Andrew Higginson, Morrisons chairman, said: “We have looked very carefully at Fortress’ approach, their plans for the business and their overall suitability as an owner of a unique British food-maker and shopkeeper with over 110,000 colleagues and an important role in British food production and farming.”

He added: “It’s clear to us that Fortress has a full understanding and appreciation of the fundamental character of Morrisons.”

[nerdlinger] 03/7/2021 07:48

Reading between the lines I wonder if the board are actually keen to sell now, perhaps due to gathering interest, but couldn't PR-wise accept a kick-off from asset-strippers. This offer is at least politically presentable.



“We have looked very carefully at Fortress’ approach, their plans for the business and their overall suitability as an owner of a unique British food-maker and shopkeeper with over 110,000 colleagues and an important role in British food production and farming.”

He added: “It’s clear to us that Fortress has a full understanding and appreciation of the fundamental character of Morrisons.”

[smurfy2001] 03/7/2021 07:16

Not really that much higher than the previous offer 🥱

[chris79] 03/7/2021 07:07

I have virtually no shares but given the company, market and other interest very surprised they have accepted 254

[loganair] 03/7/2021 06:59

Under the terms of the deal, Morrisons shareholders will receive 254 pence a share, comprising 252 pence in cash and a 2 pence cash dividend.

[nerdlinger] 03/7/2021 06:58

£6.3b is too low. The board shouldn't be recommending it, probably just trying to encourage higher bids. We can still vote no.