// Singapore sovereign fund, GIC, to take part in the consortium to buy Morrisons via Cambourne Life investment vehicle
// Fortress will continue to hold a majority position in the consortium and the £6.3bn takeover offer will remain unchanged
// Morrisons shareholders are due to vote on the offer at a general meeting on August 16
The Singapore sovereign wealth fund has joined forces with the private equity-led consortium seeking to buy Morrisons in £6.3 billion deal.
The Big 4 giant’s board of directors have already agreed the takeover move, led by US-based investor Fortress, earlier this month and recommended shareholders to approve it when they meet to vote on the matter next month.
However, on Tuesday evening, Morrison’s largest shareholder, Silchester International, said it would not support the offer and called for more time for other potential bidders to come forward.
- Morrisons’ biggest shareholder refuses to support £6.3bn takeover deal
- Ex-Morrisons CEO Marc Bolland urges potential suitors to respect heritage
- Fortress to launch Morrisons business review upon takeover
The current agreed deal values Morrisons at 252p per share, with a conditional special dividend of 2p per share.
On Wednesday, the Singaporean GIC fund said it would take part in the consortium to buy Morrisons via its Cambourne Life investment vehicle.
Fortress will continue to hold a majority position in the consortium and the value of the takeover offer will remain unchanged.
It comes around a week after private equity firm Apollo said it was in talks to join the Fortress-led agreed takeover deal.
Morrisons shareholders are due to vote on the offer at a general meeting on August 16.
The retailer agreed to the takeover move days after it rebuffed an initial £5.5 billion approach from rival private equity firm Clayton, Dubilier & Rice (CD&R).
UK takeover regulators have given CD&R a deadline of August 9 to either place its own firm bid for the chain or walk away.
Morrisons’ share price was more than 265p on Wednesday morning, firmly ahead of the 254p takeover offer, suggesting that investors believe a higher bid is still likely.
with PA Wires