The battle for British supermarket group Morrisons By Reuters
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(Reuters) – Morrisons is Britain’s fourth largest supermarket chain. A raft of counter-bids and bids reflect private equity’s desire for UK Plc.
This timeline shows the events that have occurred so far.
June 19
Morrisons rejects a proposed 5.52 billion pound ($7.43 billion)cash offer from Clayton, Dubilier & Rice (CD&R).
June 30
Morrisons investor JO Hambro says CD&R should increase its offer to around 6.5 billion pounds.
July 3
Morrisons is pleased to accept a bid of 6.3 Billion Pounds from Fortress Investment Group (SoftBank)
July 5,
Apollo Global Management (NYSE :), a third equity company, says they are evaluating an offer for Morrisons.
July 20,
Apollo states it won’t bid on Morrisons for itself, but could join the Fortress consortium.
July 22
Morrisons’ shareholders are invited to vote on Fortress’ offer Aug. 16. UK Takeover Panel gives CD&R until Aug. 9 to announce a firm intention to make an offer or walk away.
July 27
Silchester, Morrisons biggest shareholder, said he was not inclined to support the Fortress offer.
July 28
Fortress-led consortium welcomes Singapore’s GIC sovereign fund.
June 29
Morrisons investor M&G says Fortress offer does not reflect the value of the group.
August 6
Morrisons accepts a revised offer from Fortress consortium in the amount of 6.7 billion Pounds. A shareholder meeting will be held to discuss this offer until August 27.
August 9,
Takeover Panel extends CD&R’s “put-up or shut-up” deadline until Aug. 20.
August 19
Morrisons agrees to a 7.0 billion pound offer from CD&R and drops Fortress recommendation. Fortress states it is considering its options. Morrisons states that Aug. 27 shareholder meeting is to be held instead around the week of Oct. 4.
August 23
Morrisons shareholder Legal & General says it believes the true value of the supermarket group should be realised following CD&R’s sweetened bid, with more attention now being paid to its property assets.
Aug. 24,
Morrisons’ pension schemes warn a takeover by either CD&R or Fortress could “materially weaken” the security of the schemes if no additional protection is agreed.
July 27
Morrisons says scheme document for CD&R’s offer to be published on or around Sept. 11. It says shareholder meeting to vote on CD&R offer will be held on or around Oct. 5.
Sept. 8,
Morrisons says it is in talks with CD&R, Fortress and the Takeover Panel over an auction process. It says scheme document for CD&R’s offer to be published around Sept. 25, with a shareholder meeting around Oct. 18.
September 14
CD&R reaches agreement with pension trustees to provide additional security and support.
April 25
Scheme document for CD&R’s offer published. October 19th, 2009: Shareholder Meeting
September 29
Takeover Panel confirms auction to be held Oct.
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