Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

M&G says $8.7 billion Morrisons bid doesn't reflect company's true value

07/29/2021 | 12:35pm EDT
FILE PHOTO: A Morrisons store is pictured in St Albans

LONDON (Reuters) -British money manager M&G has added to the voices criticising a proposed private equity takeover of British supermarket chain Morrisons, saying it does not reflect the true value of the company.

Morrisons this month agreed to a takeover led by SoftBank Group Corp-owned Fortress, which valued Britain's fourth-largest supermarket chain at about 6.3 billion pounds ($8.8 billion) and topped a rival offer from Apollo.

Rupert Krefting, head of corporate finance and stewardship at M&G, which owns a 1.08% stake in Morrisons, said in an emailed statement that Fortress's proposals could be achieved by the supermarket chain while remaining in public ownership.

"The company has experienced a successful management turnaround over the past five years and has a strong balance sheet," Krefting said in the statement.

Earlier this week, Morrisons' largest shareholder Silchester said it was not inclined to support the offer, while top five shareholder Schroders said on Thursday it was still considering its position.

JO Hambro, which owns a 1.93% stake, has also said that the proposed price per share is too low, The Daily Telegraph reported earlier on Thursday.

($1 = 0.7160 pounds)

(Reporting by Abhinav RamnarayanEditing by Jane Merriman and David Holmes)

By Abhinav Ramnarayan


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
M&G PLC 0.39% 205 Delayed Quote.3.56%
SOFTBANK GROUP CORP. 2.76% 6627 End-of-day quote.-17.76%
Latest news "Economy & Forex"
05:35pUK's Labour would target online firms to help high street retailers
RE
04:32pNEW ZEALAND INLAND REVENUE : Income tax return credit transfer requests not being completed
PU
04:25pBP says nearly a third of its UK fuel stations running on empty
RE
03:51pCanada foreign minister says eyes wide open when it comes to normalizing China ties
RE
03:43pBritish PM to consider using army to supply fuel stations - Guardian
RE
03:22pU.s. cdc says delivered 471,814,235 doses of covid-19 vaccine as of sept 26
RE
03:21pU.s. cdc says 2.66 mln people received an additional covid-19 vaccine dose since august 13, 2021
RE
03:21pU.s. cdc says administered 390,114,328 doses of covid-19 vaccine as of sept 26 vs 389,372,689 doses administered as of sept 25
RE
03:20pU.s. cdc says 213,456,787 individuals have received at least one dose of covid-19 vaccine as of sept 26 vs 213,177,462 individuals as of sept 25
RE
03:19pU.s. cdc says 183,670,870 individuals have been fully vaccinated against covid-19 as of sept 26 vs 183,353,326 individuals as of sept 25
RE
Latest news "Economy & Forex"