Wm Morrison – Bidding War Cools Down
Apollo Global Management has confirmed it no longer intends to make an individual bid for Wm Morrison Supermarkets PLC (LON:MRW). Instead it’s in discussions with the syndicate led by Fortress, to become part of the investment group which has previously made a cash offer. Q2 2021 hedge fund letters, conferences and more The existing Fortress offer stands at 254p cash per share. That’s about a 42% premium to the closing price on 18 June, and values the company at around £6.3bn. The bid is being led by US private equity firm Fortress, with funding currently backed by the Canada Pension Plan and ...