Softbank G. Fortress: Agreed to acquire Morrisons, UK:

Softbank G. Fortress: Agreed to acquire Morrisons, UK:

-Agreed to buy for $ 8.7 billion-

[London, July 3, Reuters]

Fortress Investment:

Fortress Investment Group is an investment fund under the SoftBank Group.

It has agreed to buy Morrisons, the fourth-largest grocery store in the UK, for £ 6.3 billion ($ 8.7 billion).

PE Clayton Devilier & Rice (CD & R):

Private-equity (PE) Clayton Devilier & Rice (CD & R) has also offered a £ 5.52 billion acquisition for the Morrisons acquisition.

But Morrisons refused.

Fortress Coalition Acquisition Terms:

The conditions for the acquisition of the “Fortress Union with the participation of the Canadian Pension Fund” are:

254p per Morrisons share.

CD & R acquisition terms:

The price is 42% higher than the closing price on the day before the acquisition proposal by CD & R (June 18th).

The condition for CD & R was 230p.

Morrisons:

Morrisons was founded in 1899.

With about 500 stores, annual sales

Tesco,
Sainsbury,
4th in Japan after Asda.

Reuters

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