From Breakingviews: The future of Morrisons will become more certain if Apollo joins Fortress Investment’s 6.3 billion pound bid for the grocer, writes aimeedonnellan
Clayton, Dubilier & Rice, whose 5.5 billion pound offer for Morrisons was rejected in June, won’t be amused. The buyout firm could yet raise its bid, but Fortress’s offer implies a humdrum 15% internal rate of return.
And to get the grocer’s board on side it will have to hike the price and go beyond Fortress pledges such as keeping Morrisons’ headquarters in Bradford. These assurances admittedly only last for 12 months. But if CD&R wants to win, it will have to take on a more powerful team for a prize of diminishing appeal. Unilever ties itself in knots over purpose
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