SoftBank : Morrisons' biggest shareholder refuses to back Fortress-led takeover bid
07/27/2021 | 03:10pm EDT
Morrisons’ largest shareholder has announced “it is not inclined to support” a £6.3bn takeover bid by a consortium led bySoftBank-owned Fortress.
Silchester International Investors, which owns 15.1 per cent of Morrisons, said in a statement on Tuesday evening that “there is little in the recommended offer that could not be achieved by Morrison as a listed company” and that the deal format meant there was “insufficient opportunity for competing bids to emerge”.
It comes a couple of weeks before Morrisons shareholders are due to vote on the £6.3bn takeover bid from a trio of private investment groups led by Fortress.