Morrisons £6.3bn takeover prompts call for crunch meeting

Morrisons
It comes after the Morrisons board agreed a 254p per share offer from Fortress last week
// Ministers are likely to press for crunch meeting over Morrisons’ potential acquisition by private equity firm Fortress
// Business secretary Kwasi Kwarteng will request talks with Morrisons chair Andy Higginson
// He is expected to seek assurances over jobs, pensions and Morrisons’ UK operations

Ministers are reportedly expected to call for a crunch meeting with Morrisons’ senior leadership to seek assurances over its potential acquisition by US private equity firm Fortress.

Business secretary Kwasi Kwarteng will request talks with Morrisons chair Andy Higginson in the coming weeks.

Kwarteng is expected to seek assurances over jobs, pensions and Morrisons’ UK operations, Financial Times reported.


READ MORE: Morrisons agrees to £6.3bn takeover bid


It comes after the Morrisons board agreed a 254p per share offer from Fortress last week, valuing the grocer at £6.3 billion.

Fortress, which is owned by SoftBank, has said it will protect Morrisons workers, suppliers and pensioners if the takeover is confirmed.

It also pledged that there would be no “material” sale and leaseback programmes on its freehold store estate.

However, Kwarteng said he was “monitoring the situation” and was “very interested in seeing how the situation develops”.

Fortress managing partner Josh Pack sent a letter to Kwarteng and environment secretary George Eustace when the deal was agreed.

Fortress’ offer has been recommended by the Morrisons board, but it must be approved by 75 per cent of its shareholders, and competition authorities, in order to go ahead.

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4 COMMENTS

  1. So why is a US equity firm buying Morrisons if not to asset strip the company and return a profit? All assurances are not worth the breath used to say them.

    • They stop majestic wine from closing down and making everyone redundant, so why woukd they ruin a business that had a turnover of over a billion pound

  2. Fortess saved majestic wine FROM CLOSING ALL THEIR STORES why woukd they that to a company that is making a profit

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