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Share Name Share Symbol Market Type Share ISIN Share Description
Morrison (wm) Supermarkets Plc LSE:MRW London Ordinary Share GB0006043169 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 286.40 286.60 286.70 - 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food & Drug Retailers 17,598.0 165.0 4.0 71.8 6,902

Morrison (wm) Supermarkets Share Discussion Threads

Showing 9751 to 9771 of 9950 messages
Chat Pages: 398  397  396  395  394  393  392  391  390  389  388  387  Older
DateSubjectAuthorDiscuss
06/8/2021
14:52
His Twitter is still silent... embargo 'til the real news drops?
tygwyg
06/8/2021
14:46
RNS at 17:10 !
chinese investor
06/8/2021
14:37
I don't think Tony Hoggett joined Amazon just to run a string of mini marts. CD&R&A?
tygwyg
06/8/2021
14:11
re reset clock I assumed it would be, that would be fair, I suppose a recognised bidder might have to request an extension to consider the revised offer. If this wasn't the case then bidders would always save their real bids until the last few days of the deadline. This isn't Sotheby's. Ignore the journos, some of them were saying CD&Rs original deadline still stood for days after it was extended for the initial Fortress offer. Anyway, should find out officially soon. From RNS: ...The Morrisons Directors note that the Panel Executive has ruled that, unless the Panel Executive consents otherwise, CD&R must, by 5.00 p.m. on 9 August 2021, either announce a firm intention to make an offer for Morrisons under Rule 2.7 of the Takeover Code or announce that it does not intend to make an offer for Morrisons... ...The expected timetable of principal events for the implementation of the Scheme (as amended to reflect the terms of the Increased Fortress Offer) remains as set out on page 15 of the Scheme Document. If any of the dates or times for the expected implementation of the Scheme change, the revised dates or times will be notified by issuing an announcement through a Regulatory Information Service...
nerdlinger
06/8/2021
13:52
I would say that the new offer of 272p has been set at a price that the major shareholders have already agreed to and therefore is basically a done deal.
loganair
06/8/2021
13:46
The bidder said the offer represents at 52% premium on the group's 178p per share price at the close before the first takeover proposal sparked surge in its valuation. The company said in a stock market statement: "Morrisons directors believe that the increased Fortress offer is in the best interests of Morrisons shareholders as a whole, and accordingly unanimously recommend that Morrisons shareholders vote in favour of the resolutions required to implement the increased Fortress offer." The UK takeover regulator has given CD&R a deadline of Monday 9 August to either place its own firm bid for the retailer or walk away.
loganair
06/8/2021
13:21
Nerdlinger, I don't think this does reset the clock, after all, it's a revised offer from the same party. 16th August still stands and Cd&r have until 5.00 pm on Monday to make an offer.
kingalf
06/8/2021
13:11
BBC - Supermarket chain Morrisons says it has agreed to a revised takeover offer worth £6.7bn, up from £6.3bn, from a private equity consortium led by Fortress Investment Group. The increased offer, worth 272p a share, comes after some key investors rejected a previous 254p a share offer.
loganair
06/8/2021
13:08
No clocks reset... yet.
tygwyg
06/8/2021
12:10
Unconvincing bid, more to come from Fortress I think. That resets the clock as well so this could take ages yet and we're back in the FTSE100 in 4 weeks.
nerdlinger
06/8/2021
11:31
285 in sight... 3xx still on. Paging Market Bidco
tygwyg
06/8/2021
11:10
They blinked first!
tygwyg
06/8/2021
07:03
I think it will come. Possibly today or after close of trading. Then weekend to digest it. Not expecting Amazon to enter the fray. There always touted.
leadersoffice
06/8/2021
00:33
Does not look like amazon are going to come out and bid. Might all fall flat and get voted down.
darkelf1
05/8/2021
22:27
Looks like time is running out for a better bid to come through. Maybe there wont be one. Thought we would have heard by now. Mon 5pm is cutoff.
darkelf1
04/8/2021
19:27
Why private equity wants to take UK assets off the shelf - By Alec Mattinson: The bidding war for Morrisons is expected to ratchet up with week with expectations of an imminent higher offer from CD&R putting pressure on the Fortress-led consortium and the Morrisons board. The Morrisons board has accepted a 252p per share offer from Fortress and its backers, but a Sunday Times report suggested bids and counterbids could raise the level to 290p per share by the end of the bidding. Even that – which would value the supermarket at just over £7bn – is short of fair value for the supermarket, according to cashflow analytics specialist Quest. The division of Canaccord Genuity distinguishes itself from more conventional equity analysts by undertaking cashflow valuation analysis of companies for institutional investors – in effect, advising big investors on whether to accept bids for stocks they hold in their funds. For Morrisons, it argued in a recent note the current bid levels remain materially lower than its own current adjusted value per share of 314p based on assumed cashflow returns. Morrisons, it argues, is just one of a plethora of stocks being fundamentally undervalued by the market, which uses different valuation metrics to those private equity investors are employing. “Private equity investors want to know what their return is,” says Quest director Graham Simpson. “They don’t care about PE ratios, DCFs and all of the other classical conventional valuation metrics.” Ultimately, he says, PE investors want to know: “What is my annual return over the next three years and how does that compare to the cost of debt?” Looking at UK-listed stocks through this lens, Quest identified particular opportunities for private equity to take undervalued assets at the small end of UK plcs. Some 177 stocks with a market capitalisation below £1.5bn have an leveraged buyout free cash yield above 10% – a key metric making them very attractive to a PE acquirer. Under-pressure retailers are among those currently most undervalued – according to Quest’s research – with names such as Topps Tiles, Smiths News, Dixons Carphone and Halfords all having an LBO free cashflow yield of between 15% and 30%. Perhaps most notably for the grocery sector, Sainsbury’s is the most attractive food retail name, with a LBO FCF of 15.3%. Quest’s Simpson cautions that this current Sainsbury’s level is before a bid premium that would see it fall. For example, assuming a bid came in 30% higher this would see the Sainsbury LBO FCF yield fall to 12%. However, this level remains “incredibly attractive”, he says. “PE typically take a three to five-year outlook in their LBO models,” he explains. “Therefore, the return would be 12% per annum and you still own Sainsbury’s to which you can also apply typical PE levers such as improving working capital delaying paying creditors, reduce stock, strip capex down, run it lean, close stores, to extract further value.” The big payday at the of this process, he says, is an ultimate exit and possible IPO having recouped plenty of the PE investment already during the ownership period. McColl’s, currently at a LBO FCF level of 12.8%, is also picked out as representing value. Meanwhile, among food suppliers Finsbury Food Group (14.4%), Wynnstay (14.1%), Carr’s Group (10.7%) and Stock Spirits (10.6%) are above the key 10% level, while in householder and personal goods Accrol (18%) also makes the cut. “Finsbury Food is incredibly cheap on our 40-year DCF [discounted cash flow] model, which is more robust than outdated conventional valuation metrics that are point in time and look no further than the current or following year,” he explains. He describes the current post-Covid differential between market and PE valuations as “unprecedented” and “shows the true extent of the UK plc undervaluation relative to global peers”. “We do not see the current enhanced M&A interest in the UK plc slowing and we expect H2 2021 to be just as frenzied.” The Morrisons bidding war may be just heating up, but it’s unlikely to be the last this year.
loganair
04/8/2021
19:00
Sure it's not the Market bidco approach?
tygwyg
04/8/2021
16:46
Looks like the railroad approach is being used.
pjleeds
03/8/2021
17:23
This just in: Pelham started reducing their short position yesterday! Down to 1.5% from 1.65%.
nerdlinger
03/8/2021
17:04
If the takeover speculation carries into next month MRW will be back in the FTSE100, currently #79 and bigger than J Sainsbury according to last Friday's rankings: htTp://www.stockchallenge.co.uk/ftse.php
nerdlinger
03/8/2021
16:17
The Morrisons supermarket chain might have to break up if a planned £6.3billion takeover deal goes through. A sale of Morrisons to private equity owners could trigger a break-up of the supermarket chain, analysts in the City have warned. City analysts Bernstein said the new owners would need to sell off part of the supermarket to reclaim some cash. Bernstein said buyers would struggle to make a profit "without significant asset sales”. The shareholders, JO Hambro, Silchester and M&G own about 20% of Morrisons said the price wasn't high enough and had worries about how fast the sale was moving. Fortress needs 75% of Morrisons shareholders to agree for the deal to go through at a meeting due on 16 August.
loganair
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