Morrisons Agrees $8.7 bln Takeover

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SoftBank (9984.T) owned Fortress Investment Group that values Britain’s fourth-largest supermarket chain, the largest supermarket chain at 6.3 billion pounds. Canada Pension Plan Investment Board and Koch Real Estate Investments exceed a 5.52 billion.

it was less than the 6.5 billion pounds asked for by my top 10 Morrisons investor JO Hambro last week.

Koch Real Estate Investments exceeds a 5.52 billion pound unsolicited proposal from Clayton, Dubilier & Rice (CD&R), which Morrisons  (MRW.

Shareholders will get to vote on the Fortress offer, which gives the supermarket chain an enterprise value of 9.5 billion pounds once its net debt of 3.2 billion.

Analysts have also speculated that other private equity groups and Amazon (AMZN.O), which has a partnership deal with Morrisons.

CD&R has until July 17 to come back with a firm offer. CD&R declined to comment under British takeover rules.

The bids for Morrisons follow February’s purchase by Zuber and Mohsin Issa and private equity firm TDR Capital of a majority stake in Asda from Walmart (WMT.N). The deal valued Asda at 6.8 billion pounds

In April, Czech billionaire Daniel Kretinsky raised his stake in Sainsbury’s to almost 10%, igniting bid speculation.

its closing share price of 178 pence on June 18 – the day before CD&R’s proposal. The stock closed at 243 pence on Friday.

British supermarkets are making over half of the fresh food it sells, Morrisons owns 85% of its nearly 500 stores and has 19 mostly freehold manufacturing sites as it is unique.

Investors would receive 254 pence a share – 252 pence in cash and a 2 pence special cash dividend. CD&R’s proposal was 230 pence a share while chief operating officer Trevor Strain would pocket 3.6 million pounds.

Material store sale and leaseback transactions are not planned.

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