other news. the supermarket morrisons has agreed a takeover deal worth £6.3 billion. the bid is from a new company backed by three private investment groups, including the american owner of majestic wine. last month the chain rejected an offer of 5.5 billion pounds from a different firm saying it significantly undervalued the business. our business correspondent katy austin has more morrisons has nearly 500 stores and employs about 110,000 staff in the uk. the takeover offer that has been agreed is led by the us private equity group fortress. its bid is higher than one by a different firm which morrisons rejected last month. one stockbroker told me the supermarket is seen as an attractive prospect right now. the main issue is i think they will feel the price is too low and there is value to be had. the company is profitable it s got very limited debt, it has got a good, popular business, it s got a good business model and the shares have done very little for the last five years,
feel that the price is too low and that there is value to be had, the company is profitable, it s got very limited debt, it s got a good, popular business, it s got a good business model, and the shares have done very, very little for the last five years, so i think they ll genuinely think they re getting a bargain. morrisons owns most of its sites, so would a new owner look to sell some and lease them back? fortress says it s not anticipating doing that. it also made a series of other commitments on things like staff, pay and suppliers. it is understood these commitments, which indicate no major changes, were significant factors in the supermarket s board recommending the offer. fortress is really going out of its way to emphasise a different approach from private equity, a long term backing for the existing strategy, to reassure the market, and to reassure customers and colleagues that, basically, this doesn t mean a lot of change, it really doesn t. morrisons shareholders will event
£6.3 billion. the bid is from a new company backed by three private investment groups, including the american owner of majestic wine. last month the chain rejected an offer of £5.5 billion from a different firm saying it significantly undervalued the business. our business correspondent katy austin has more. morrisons has nearly 500 stores and employs about 110,000 staff in the uk. the takeover offer that has been agreed is led by the us private equity group fortress. its bid is higher than one by a different firm which morrisons rejected last month. 0ne stockbroker told me the supermarket is seen as an attractive prospect right now. the main issue is i think they will feel the price is too low and there is value to be had. the company is profitable it s got very limited debt, it has got a good, popular business, it s got a good business model and the shares have done very little for the last five years, so i think they will genuinely think they are getting a bargain. so, would a t
our business correspondent katy austin has more. morrisons has nearly 500 stores and employs about 110,000 staff in the uk. the takeover offer that has been agreed is led by the us private equity group fortress. its bid is higher than one by a different firm which morrisons rejected last month. 0ne stockbroker told me the supermarket is seen as an attractive prospect right now. the main issue is i think they will feel the price is too low and there is value to be had. the company is profitable it s got very limited debt, it has got a good, popular business, it s got a good business model and the shares have done very little for the last five years, so i think they will genuinely think they are getting a bargain. morrisons owns most of its stores. would fortress perhaps look to sell some and lease them back? well, fortress has said it doesn t anticipate doing that it. it s made a series of other commitments on staff, payment and