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Fresh CD&R Bid for Morrisons Puts Ball in Fortress's Court -- Market Talk

Dow Jones Newswires ·  Aug 20, 2021 15:27

DJ Fresh CD&R Bid for Morrisons Puts Ball in Fortress's Court -- Market Talk

0726 GMT - Shares in Wm. Morrison Supermarkets rise after U.S. private-equity group Clayton Dubilier & Rice came out with a GBP7 billion offer for the U.K. grocer that trumped an earlier GBP6.7 billion bid from a consortium led by SoftBank Group's Fortress Investment. Fortress says it is considering its options and all eyes are on its next move. "Will Fortress pick itself [up off] the mat and find another level? It is a real possibility," AJ Bell analyst Danni Hewson says. Morrisons is an attractive asset at a time supply is becoming a huge issue and SoftBank has deep pockets, Hewson says. Shares in Morrisons are up 4.7% at 292.20 pence, trading above the price of CD&R's offer of 285 pence a share. (adria.calatayud@dowjones.com)

(END) Dow Jones Newswires

August 20, 2021 03:27 ET (07:27 GMT)

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