Morrisons to receive higher offer from Clayton, Dubilier & Rice – report

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The private equity group has until 20 August to either make a new bid or pull out of talks Wm Morrison Supermarkets PLC is expected to receive a higher takeover offer from its initial suitor, Clayton, Dubilier & Rice. The private equity group, which was given until 20 August to either make a new bid or pull out of talks, started the bidding war with a 230p per share offer in June. READ: Morrisons suitor given more time to make new offer by takeover panel But earlier this month, fellow US private equity giant Fortress raised its proposal to 272p from 252p previously. CD&R may have to offer at least 275p, although the City is deeming 280p more appropriate. The grocer’s board and the takeover panel wouldn’t have allowed more time to the private equity firm if they didn’t think it was going to come back with a higher offer, The Times reported. Since takeover talks started, the FTSE 250 group’s largest investor, Silchester, has been trimming its stake and has
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