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Morrisons-CD&R shareholder vote set for Oct. 19

BoE's Pill says size and duration of inflation spike bigger than expected
BoE's Pill says size and duration of inflation spike bigger than expected   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p><span class="caps">LONDON</span> -Shareholders in British supermarket group Morrisons will get to vote on the $10 billion takeover offer from U.S. private equity group Clayton, Dubilier & Rice (CD&R) on October 19, it said on Monday.</p> <p>Morrisons set the date for the hotly contested deal to be voted on, however with rival bidder Fortress Investment Group yet to walk away, a “competitive situation” exists and the Takeover Panel could step in and require an auction to take place. </p> <p>The fight for Britain’s fourth-largest grocer after Tesco, Sainsbury’s and Asda, is the most high-profile looming takeover amid a raft of bids and counter bids, reflecting private equity’s appetite for UK Plc. </p> <p>Morrisons said earlier this month that it was talking to both bidders and the Takeover Panel, which governs M&A deals in the UK, about “an orderly framework for the resolution of this competitive situation” – which would typically be an auction.</p> <p>“A formal announcement relating to any auction procedure will be made by the Panel in due course if the competitive situation continues,” it said in the statement. </p> <p>Following completion of an auction, Morrisons shareholders would vote on either a Fortress or a CD&R offer, depending on which offer Morrisons’ board recommended.</p> <p>CD&R’s latest offer is worth 285 pence per Morrisons share while Fortress pitched its bid at 272 pence a share. It has said it is considering its options. Morrisons shares closed at 292 pence on Friday. </p> <p>($1 = 0.7311 pounds)</p> </div>