Finance

Apollo mulls bid for British supermarket chain, taking on SoftBank-backed Fortress

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NEWPORT, WALES, UNITED KINGDOM – 2021/01/09: A shopper seen pushing her groceries outside Morrisons supermarket in Wales.

May James/SOPA Images/LightRocket via Getty Image

WM Morrison, Britain’s fourth-largest supermarket chain, could be about to become the target of an international bidding war.

Apollo Global Management announced Monday it was mulling a rival bid for the retailer after it agreed an $8.7 billion takeover deal with SoftBank-owned Fortress Investment Group. 

In a statement, Apollo said it was in the preliminary stages of evaluating a potential bid but had yet to approach Morrisons’ board. 

On Saturday, the board recommended a 254 pence per share ($3.52 per share) cash offer…



Source cnbc.com

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