Morrisons in 11th-hour pension talks with bidder Fortress – The Times

Fortress was locked in talks last night with Wm Morrison’s pension trustees in an attempt to reach an agreement before a showdown today with Clayton Dubilier & Rice, the American investment firm’s rival bidder, that will determine which takes ownership of the supermarket group.

Today’s auction will resolve almost four months of takeover speculation that has pitted Clayton Dubilier & Rice, a US private equity house, against Fortress, a New York investment firm controlled by SoftBank, of Japan.

Morrisons’ shareholders have bet that the auction will lead to a £7.16 billion takeover of the Bradford-based chain — Britain’s biggest take-private deal in at least a decade — with shares in the group rising by 2½p, or 0.8 per cent, to 297p yesterday. This

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