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Shares in Morrisons climb as equity giant Apollo declares it may join supermarket takeover battle
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MIL-OSI Global: Morrisons bidding war: buyers promising to do right by staff and customers are wearily familiar
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Morrisons bidding war: buyers promising to do right by staff and customers are wearily familiar
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The offer represents a 42% premium on the Morrisons share price before it was announced that the supermarket had rejected a takeover proposal from New York-based firm Clayton, Dubilier & Rice (CD&R) last month.
Fortress has invested in grocery retail in both North America and Europe, and has invested in Majestic Wine in the UK.
In the US, Fortress has invested in the grocery industry, petrol forecourt stations and retail and restaurants.
Andrew Higginson, chairman of Morrisons, said: “The Morrisons directors believe that the offer represents a fair and recommendable price for shareholders which recognises Morrisons’ future prospects.
“Morrisons is an outstanding business and our performance through the pandemic has further improved our standing and enabled us to enter the discussions with Fortress from a hard-won position of strength.
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The sixth child and only son of William Morrison, Sir Ken worked with his father on the family stall in Bradford’s Rawson Market from the age of five. His job was to “candle” the eggs - holding them against a flame to check for defects.
Sir Ken Morrison
He left school at 18 to help his father build up the business. When his father became ill, he returned from National Service in Germany in 1952 to run the business rather than see it sold.
Sir Ken liked to encourage the view of himself as a bluff Northerner and disliked people asking questions about his personal life.