UK's Morrisons Plans Shareholder Vote On CD&R Deal In Early October
British supermarket chain Morrisons, at the heart of a £7 billion ($9.5 billion) bidding war, plans to hold a shareholder vote on the offer from U.S.-based private equity firm Clayton, Dubilier & Rice (CD&R) around 5 October, it said on Friday.
The company last week backed a 285 pence per share offer from CD&R, dropping a 272 pence per share bid from a consortium led by SoftBank Group-owned Fortress Investment Group.
The court and shareholder meetings on the Fortress offer, initially scheduled for Friday, have been adjourned to 5 October, Britain's fourth-largest grocer said in a statement.
The meetings on the higher CD&R offer are likely to take place on or around the same day.
The Morrisons board last week said it intends to unanimously recommend the CD&R offer.
Morrisons' stock price has hovered around the 290 pence level after agreeing to the CD&R offer on 19 August, reflecting the possibility that Fortress or any other suitor might come back with another offer.