Wm Morrison supermarket PLC update
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Singapore’s sovereign wealth fund GIC has joined the consortium to bid for the British supermarket chain Wm Morrison.
The consortium, led by the private equity group Fortress, said on Wednesday that GIC will provide 100 million pounds of funding for the bidding tool, and the latter has made a 9.5 billion pounds offer to Morrison. GIC already owns 0.2% of the grocery chain.
A division of the Canadian pension fund CPPIB and Koch Industries is part of the Fortress consortium. Private equity group Apollo said this month that it was considering joining the group after deciding not to make its own offer.
Morrison’s board of directors has approved the offer of 252 pence per share, but has encountered trouble with investors. Silchester, the largest investor in the supermarket chain, said on Tuesday that it “is not inclined to support existing fortress offers.”