Deals
L&G Pushes Morrison on Real Estate Value as Bidders Circle
- Investor is concerned Fortress had more info than public
- Stock rises to record as shareholders speculate on higher bid
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Legal & General Investment Management, one of Wm Morrison Supermarkets Plc’s top 10 shareholders, asked the grocer to publish more information on the value of its real estate so investors can decide whether private equity firms are angling to buy the company on the cheap.
Morrison agreed over the weekend to a 6.3 billion-pound ($8.7 billion) takeover from a consortium led by Fortress Investment Group. That offer trumped private equity firm Clayton Dubilier & Rice LLC’s earlier 5.5 billion-pound bid, which the supermarket operator rejected. Apollo Global Management Inc. said Monday it’s considering an offer too.