All you need to know about the battle to control Bradford-based supermarket chain Morrisons
Shares jumped on Friday morning after investors digested the new deal from US private equity firm Clayton, Dubilier & Rice (CD&R).
It comes weeks after a rival bidder, a consortium led by private equity rival Fortress, increased its offer to £6.7 billion in the hope this would help it secure a deal.
Advertisement
Hide AdAdvertisement
Hide AdUK supermarkets have been buoyed by the pandemic over the past year as sales were boosted by the closure of non-essential shops and hospitality firms.
Nevertheless, Morrisons was among grocers to post lower annual profits after being hit by high pandemic costs.
This has not been enough to put off prospective bidders and a rise in shares beyond the value of the current takeover offer suggest a bigger bid could come forward.
Here the PA news agency answers the key questions about the potential takeover of Morrisons:
– Who currently owns and runs Morrisons?
Advertisement
Hide AdAdvertisement
Hide AdThe Bradford-based retailer was founded by William Morrison in 1899 as an egg and butter stall in Rawson Market.
Morrisons steadily expanded and became a publicly listed business under the leadership of Ken Morrison in 1967, listing on the London Stock Exchange.