28th Jul 2021 14:16
Wm Morrison Supermarkets PLC - Bradford, West Yorkshire-based grocer - GIC, one of the managers of Singapore's sovereign wealth funds, has joined the bidding consortium led by Fortress Investment Group LLC. Cambourne Live Investment Ptd Ltd has agreed to join as a co-investor. Cambourne is the nominated investment vehicle of GIC Special Investments Ptd Ltd, itself a subsidiary of GIC Ptd Ltd. Morrisons has accepted the GBP6.3 billion takeover offer from the group led by Fortress, which is owned by Japan's Softbank Group Corp. Late last week, the Morrisons board repeated its unanimous recommendation of the Fortress offer, calling court and shareholder meetings for August 16 to approve the deal. Fortress on Wednesday said its syndicated a portion of its funding commitment for the bid to Cambourne. Some major Morrisons shareholders have said they consider the Fortress offer too low, so the additional financial support of GIC could allow for an increased bid from the consortium.
Current stock price: 266.62p, 5.0% above Fortress total offer of 254p per share
Year-to-date change: up 50%
By Tom Waite; [email protected]
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