Britain’s Morrisons in talks with suitors to start auction process

Shopping trolleys stand outside a Morrisons supermarket in Liverpool, Britain, in this file photograph dated March 12, 2015. — Reuters pic

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LONDON, Sept 8 — British supermarket group Morrisons said today it was in talks with its two US private equity suitors and the Takeover Panel, which governs deals in the UK, regarding an auction procedure to settle its future ownership.

Last month Morrisons agreed a £7 billion (RM40 billion) offer from Clayton, Dubilier & Rice (CD&R). However, a rival consortium led by Softbank-owned Fortress Investment Group could still trump CD&R’s bid. — Reuters

Source: Malay Mail

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