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Bidding wars are usually greeted with great excitement in the City, but the battle that has broken out for control of supermarket group Morrisons should make our hearts sink.
No fewer than three rival US private-equity groups are vying for control of the grocery chain and still more contenders might well muscle in.
The Morrisons board gives every appearance of being giddy with the thrill of the auction room and the prospect of higher bids before the hammer falls.
In reality, all the offers lodged so far are low-ball attempts to grab one of our Big Four supermarkets on the cheap and ought to be rejected on that basis alone.
Morrisons was at the heart of a bidding war last night as three US private equity firms jostled to buy the British supermarket.
Investment giant Apollo became the third buyout predator circling the chain yesterday after revealing it was considering a possible offer .
It came just 48 hours after Fortress made a £6.3billion takeover bid – beating the £5.5billion offered by rival Clayton, Dubilier & Rice (CD&R).
Apollo s intervention prompted Morrisons shares to surge above the price Fortress was offering yesterday – a sign that investors believe a bidding war will result in an even bigger sale price.
Morrisons was at the heart of a bidding war as three US private equity firms jostled to buy the British supermarket, with investment giant Apollo becoming the third buyout predator