Morrison said in the document that as neither CD&R nor Fortress had declared its offer final, “a competitive situation” existed. It’s expected the Takeover Panel, a body that oversees United Kingdom takeover transactions, will announce the terms of the auction process soon. Private equity investors want to capitalise on the improving fortunes of leading chains after lockdowns triggered a surge of in-store and online grocery spending. The private equity firm has made pledges to maintain Morrison’s policy on pay and pensions. The offer from CD&R will be funded with more than £3.4bil (RM19.49bil) of equity from funds managed by the private equity firm.
