Morrison takeover shareholder vote looms
LONDON. Wm Morrison Supermarkets Plc set an October 19 deadline for shareholders to vote on the hotly contested £7-billion takeover proposal by US private equity firm Clayton Dubilier & Rice LLC.
Britain’s fourth-largest grocer published documents on Saturday listing that date as the day shareholders will decide the outcome of what could be the country’s largest take-private deal in a decade. A vote of 75% or more is required for CD&R’s deal to go through.
However, CD&R could still face a late challenge from a consortium led by Fortress Investment Group, which has been pursuing the grocer throughout the summer.
Morrison said that as neither CD&R nor Fortress has declared its offer final, “a competitive situation” exists and as a result there will likely be an auction.