DJ Morrisons Gains After Fortress Boosts Takeover Bid -- Market Talk
1224 GMT - Wm. Morrison Supermarkets gains 2% to 278 pence after the U.K. grocer agreed to an increased GBP6.7 billion offer from SoftBank Group Corp.'s Fortress Investment Group Ltd. If they accept the bid, Morrison shareholders will get 270 pence a share, plus a 2 pence special dividend. The revised offer follows speculation that a better bid from Clayton Dubilier & Rice could be on the horizon, as well as vocal hostility from some large shareholders, Hargreaves Lansdown says. "CD&R can still come back with a better offer--the group's deadline is Aug. 9. It will also have to be passed by shareholders, who are due to vote on the proposed takeover on Aug. 16," HL analyst Laura Hoy says. (philip.waller@wsj.com)
(END) Dow Jones Newswires
August 06, 2021 08:24 ET (12:24 GMT)
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