Morrisons’ chairman, Andrew Higginson, issued a statement indicating that they are thoroughly examining Fortress Investment Group, located in New York, before making a decision. They wanted to be certain that Fortress Investment Group was the exact match for British food producers and retailers.
Morrisons’ chairman believes that Fortress has the company’s interest at heart and appreciates its values. A global investor Fortress Investment Group works independently of its subsidiary SoftBank Group Corp.
Fortress Investment Group located in New York has made a huge offer to take over MRWL. The company did this through another company called South Bank which is owned by Fortress. This was a combined investment of 5.52 billion pounds with Canada Pension Plan Investment and Koch Real Estate Investments.
Shareholders in the company will have their say whether they want to accept the Fortress Investment Group offer that will give the supplier of the supermarkets a value of 9.5 billion pounds when Morrisons’ debt has been met of 3.2 billion.
British rules state that CD&R can counter that offer as long as they do it by July 17th. Experts believe other groups will enter for a chance to make a bid such as Amazon, and that it could turn into a bidding war. The British supermarket chain has attracted many offers because of its lucrative ways of generating cash and asset holdings.
Fortress has no plans to remove Morrison headquarters or its management team. David Potts will remain in his position as CEO and keep the same strategy as before. If David Potts decides to sell his share, he would earn 9.2 million pounds and Morrisons Chief Operating Officer Trevor Swan would also gain a healthy 3.6 million pounds. Go Here for related Information.