Salem Radio Network News Sunday, August 1, 2021

Business

Apollo in talks to join Fortress consortium for Morrisons bid

LONDON (Reuters) – Apollo Global Management is in talks to join a consortium led by Fortress Investment Group that has agreed a 6.3 billion pound ($8.6 billion) takeover of British supermarket group Morrisons, it said on Tuesday.

Private equity group Apollo said it does not intend to make an offer for Morrisons other than as part of the Fortress-led consortium.

Apollo’s decision reduces the chance of a takeover battle for Morrisons, given that it had said it was evaluating its own bid.

The offer from Fortress, along with Canada Pension Plan Investment Board and Koch Real Estate Investments, exceeded a 5.52 billion pound unsolicited proposal from Clayton, Dubilier & Rice (CD&R), which Morrisons rejected in June.

Fortress is owned by SoftBank .

Apollo said it had noted Fortress’s intentions regarding the Morrisons business and all its stakeholders.

“Should these discussions lead to any transaction, Apollo would be fully supportive of Fortress’s stated intentions regarding Morrisons,” it said.

($1 = 0.7322 pounds)

(Reporting by James Davey, Editing by Paul Sandle)

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