Morrisons bidder CD&R reaches agreement with pension trustees
A view of a Morrisons grocery store in Birtley, Britain August 16 2021. Image taken August 16 2021. REUTERS/Lee Smith
LONDON, Sept 14 (Reuters) – Morrisons suitor Clayton Dubilier & Rice stated it had reached settlement with the pension trustees of the British grocery store chain to supply further safety and help to the schemes, because it seeks to clinch the deal forward of a rival bidder.
Morrisons is on the centre of a bid battle between two U.S. non-public fairness companies.
The grocery store group agreed a 7 billion pound supply from Clayton, Dubilier & Rice (CD&R) in August, however a rival consortium led by Softbank-owned Fortress Funding Group might nonetheless trump the bid and the battle seems to be to be heading for an public sale.
Chairman of the Trustees, Steve Southern, stated that below CD&R, the end result for Morrisons pensioners can be optimistic.
“We’re happy with the progress made and CD&R’s capability to supply the mandatory help and reassurance to the Schemes,” he stated in a press release on Tuesday.
Reporting by Sarah Younger; Enhancing by Kate Holton
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