BROWSE

Britain’s Morrisons agrees $8.7 bln offer from Fortress Investment Group | Reuters

Morrisons said on Saturday it has agreed a takeover offer from a new company owned by funds managed or advised by affiliates of Fortress Investment Group, which values the British supermarket group at 6.3 billion pounds ($8.7 billion).

Under the terms of the deal, Morrisons shareholders will receive 254 pence a share, comprising 252 pence in cash and a 2 pence cash dividend.

The offer exceeds the 5.52 billion pounds proposal from U.S. private equity firm equity firm Clayton, Dubilier & Rice (CD&R), which Morrisons rejected on June 19, saying it was far too low. ($1 = 0.7235 pounds) (Reporting by James Davey. Editing by Jane Merriman)

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