© Reuters. File photo: The Morrison Store in St Albans, UK, September 10, 2020. REUTERS/Peter Cziborra/File Photo
LONDON (Reuters)-Private equity firm Clayton, Dubilier & Rice (CD&R) is preparing to start a bidding war against the British supermarket chain Morrison. The goal is to raise £6.3 billion (8.8 billion) from a group led by another US acquisition company. U.S. dollars) according to the “Sunday Times” report, Fortress company.
According to the paper, it is understood that CD&R has been preparing equity and debt financing for possible counter-bidding in the next few days.
According to the Sunday Times, if successful, CD&R will open a Morrisons convenience store at a gas station operated by the Motor Fuel Group owned by the company and will cooperate with the existing Morrisons management team.
A CD&R spokesperson declined to comment on the report.
Earlier this week, British fund manager M&G also joined the criticism of Morrison’s agreed-upon Fortress-led bid, which was worth about 6.3 billion pounds, more than Apollo’s competitors.
Silchester, Morrisons’ largest shareholder, also stated that it is not inclined to support the proposal for the fourth largest supermarket chain in the UK. Schroeder (LON:) Plc is also an investor in Morrisons.
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