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Morrisons reject £5.5 billion takeover proposal from US private equity firm

Shilpa Sharma
By Shilpa SharmaJun 21, 2021
Shilpa Sharma
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BRITISH supermarket chain Morrisons declined a £5.5 billion takeover proposal from the US private equity firm Clayton, Dubilier & Rice (CD&R), saying the offer "significantly undervalues" the firm.

CD&R confirmed it was considering a formal bid to buy Morrisons, the BBC reported.

Morrisons said in a statement it had "evaluated the conditional proposal together with its financial adviser, Rothschild & Co, and unanimously concluded that the conditional proposal significantly undervalued Morrisons and its future prospects".

Morrisons is Britain’s fourth largest grocer by sales after Tesco, Sainsbury's and Asda.

Meanwhile, British takeover rules give CD&R until July 17 to come back with a firm offer.

The US firm has previously made investments in the discount shop chain B&M, from which it made more than £1bn.

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UK house price growth slows to 0.3 per cent in October.

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UK house price growth slows as buyers delay decisions ahead of budget

Highlights

  • Average UK house price rose 0.3 per cent in October to £272,226, down from 0.5 per cent growth in September.
  • Annual house price growth edged up to 2.4 per cent, with market remaining resilient despite mortgage rates being double pre-pandemic levels.
  • Buyers delaying purchases amid speculation that November budget could introduce new property taxes on homes worth over £500,000.
British house prices grew at a slower pace in October as buyers adopted a wait-and-see approach ahead of the government's budget announcement on 26 November, according to data from mortgage lender Nationwide.

The average house price increased by 0.3 per cent month-on-month in October to £272,226, down from a 0.5 per cent rise in September. Despite the monthly slowdown, annual house price growth accelerated slightly to 2.4 per cent, up from 2.2 per cent in the previous month.

Robert Gardner, Nationwide's chief economist, said the market had demonstrated broad stability in recent months. "Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgage rates are more than double the level they were before Covid struck and house prices are close to all-time highs".

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