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The battle for British supermarket group Morrisons

Published 10/19/2021, 01:08 PM
Updated 10/19/2021, 02:26 PM
© Reuters. FILE PHOTO: A view of a Morrisons supermarket in Birtley, Britain, August 16 2021. REUTERS/Lee Smith/File Photo

(Reuters) - Shareholders in Morrisons, Britain's fourth-largest supermarket group, on Tuesday approved a 7 billion pound ($9.7 billion) agreed takeover by U.S. private equity firm Clayton, Dubilier & Rice (CD&R).

Here is a timeline of the six-month battle for the grocer.

June 19

Morrisons rejects a proposed 5.52 billion pound ($7.43 billion)cash offer from Clayton, Dubilier & Rice (CD&R).

June 30

Morrisons investor JO Hambro says CD&R should increase its offer to around 6.5 billion pounds.

July 3

Morrisons agrees to a 6.3 billion pound offer from a consortium led by SoftBank-owned Fortress Investment Group. It emerges Fortress made an initial approach in early May.

July 5

A third private equity group, Apollo Global Management (NYSE:APO), says it is evaluating a possible offer for Morrisons.

July 20

Apollo says it will not bid for Morrisons on its own but may join the Fortress consortium.

July 22

Scheme document outlining Fortress' offer is published and Aug. 16 set for Morrisons' shareholders to vote on the offer. UK Takeover Panel gives CD&R until Aug. 9 to announce a firm intention to make an offer or walk away.

July 27

Silchester, Morrisons' biggest shareholder, says not inclined to support Fortress offer.

July 28

Singapore's GIC sovereign wealth fund joins Fortress-led consortium.

July 29

Morrisons investor M&G says Fortress offer does not reflect the value of the group.

Aug. 6

Morrisons agrees to an improved offer worth 6.7 billion pounds from Fortress consortium and adjourns until Aug. 27 a shareholder meeting to vote on the offer.

Aug. 9

Takeover Panel extends CD&R's "put-up or shut-up" deadline until Aug. 20.

Aug. 19

Morrisons agrees to a 7.0 billion pound (285 pence a share) offer from CD&R and drops the Fortress recommendation. Fortress says it is "considering its options". Morrisons says Aug. 27 shareholder meeting will instead be held around week starting Oct. 4.

Aug. 23

Morrisons shareholder Legal & General says it believes the true value of the supermarket group should be realised following CD&R's sweetened bid, with more attention now being paid to its property assets.

Aug. 24

Morrisons' pension schemes warn a takeover by either CD&R or Fortress could "materially weaken" the security of the schemes if no additional protection is agreed.

Aug. 27

Morrisons says scheme document for CD&R's offer to be published on or around Sept. 11. It says shareholder meeting to vote on CD&R offer will be held on or around Oct. 5.

Sept. 8

Morrisons says it is in talks with CD&R, Fortress and the Takeover Panel over an auction process. It says scheme document for CD&R's offer to be published around Sept. 25, with a shareholder meeting around Oct. 18.

Sept. 14

CD&R reaches agreement with pension trustees to provide additional security and support.

Sept. 25

Scheme document for CD&R's offer published. Shareholder meeting slated for Oct. 19.

Sept. 29

Takeover Panel says auction will be held on Oct. 2.

Oct. 2

CD&R wins the auction, bidding 287 pence a share versus Fortress' 286 pence.

Oct. 19

© Reuters. FILE PHOTO: A view of a Morrisons supermarket in Birtley, Britain, August 16 2021. REUTERS/Lee Smith/File Photo

Morrisons' shareholders approve CD&R's offer.

($1 = 0.7234 pounds)

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