European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

At the awaited auction for <a href="https://www.smartkarma.com/entities/wm-morrison-supermarkets-plc" target="_blank" data-smartkarma-citation="entities:22052:1" rel="noopener">Wm Morrison Supermarkets (MRW LN)</a>, CD&amp;R increased its bid to 287p against a bid of 286p made by Fortress. CD&amp;R took its prey. Fortress, which had preemptively struck (<a href="https://www.smartkarma.com/insights/fortress-morrisons-272p-pre-emptive-strike" target="_blank" data-smartkarma-citation="insights:55791" rel="noopener">Fortress/Morrisons: 272p Pre-Emptive Strike</a>) saved face and CD&amp;R won by increasing its stretched offer by just 0.7% (c. £48 mn). Fortress could have withdrawn just as Carlyle did in the tussle with Philip Morris for <a href="https://www.smartkarma.com/entities/vectura-group-plc" target="_blank" data-smartkarma-citation="entities:22201:1" rel="noopener">Vectura (VEC LN)</a>, but preferred to make its rival pay a bit extra.
The consideration represents an implied equity value of £7,032 mn and an implied EV of £10,113 mn. This also represents 9.1x EV/Fwd EBITDA and 20.4 Fwd P/E.
The 61% premium vs. closing price prior to commencement of the offer period highlights the extreme lengths PE firms are willing to go to spend its dry powder, amid a global deal frenzy.
The only approvals required by CD&amp;R are the approval by the requisite majority of scheme shareholders at the Court Meeting and Morrisons shareholders at the General Meeting and sanction of the Scheme by the Court.
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According to my calculations, the winning bid should achieve an 11.8% IRR by year 8. Assumptions are an exit multiple of 8.5x (this would be a substantial re-rating vs. the previously considered 7.9x), cutting capex by a fifth, an EBITDA margin improvement to 6.3% (a c. 20 bps gain vs. Capital IQ consensus forecasts, with the necessary caveat that such a move may drive customers out of the stores and therefore lead to a loss of market share). 
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Gross spread is 0.5%. The deal will complete. Time to surrender the shares.

At the awaited auction for Wm Morrison Supermarkets (MRW LN), CD&amp;R increased its bid to 287p against a bid of 286p made by Fortress. CD&amp;R took its prey. Fortress, which had preemptively struck (Fortress/Morrisons: 272p Pre-Emptive Strike) saved face and CD&amp;R won by increasing its stretched offer by just 0.7% (c. £48 mn). Fortress could have withdrawn just as Carlyle did in the tussle with Philip Morris for Vectura (VEC LN), but preferred to make its rival pay a bit extra.
The consideration represents an implied equity value of £7,032 mn and an implied EV of £10,113 mn. This also represents 9.1x EV/Fwd EBITDA and 20.4 Fwd P/E.
The 61% premium vs. closing price prior to commencement of the offer period highlights the extreme lengths PE firms are willing to go to spend its dry powder, amid a global deal frenzy.
The only approvals required by CD&amp;R are the approval by the requisite majority of scheme shareholders at the Court Meeting and Morrisons shareholders at the General Meeting and sanction of the Scheme by the Court.






According to my calculations, the winning bid should achieve an 11.8% IRR by year 8. Assumptions are an exit multiple of 8.5x (this would be a substantial re-rating vs. the previously considered 7.9x), cutting capex by a fifth, an EBITDA margin improvement to 6.3% (a c. 20 bps gain vs. Capital IQ consensus forecasts, with the necessary caveat that such a move may drive customers out of the stores and therefore lead to a loss of market share). 






Gross spread is 0.5%. The deal will complete. Time to surrender the shares.

Index Rebalance

In my last insight about <a href="https://www.smartkarma.com/entities/wm-morrison-supermarkets-plc" target="_blank" data-smartkarma-citation="entities:22052:1" rel="noopener">Wm Morrison Supermarkets (MRW LN)</a> (see <a href="https://www.smartkarma.com/insights/fortress-morrisons-272p-pre-emptive-strike" target="_blank" data-smartkarma-citation="insights:55791" rel="noopener">Fortress/Morrisons: 272p Pre-Emptive Strike</a> ), I mentioned that a bid from CD&amp;R could come at 285p. The bid came, recommended, at 285p and the shares closed at 291p on 20 August.
Now shares are trading at around 291p,  on expectations of a raised offer by Fortress and  expectations that Morrisons may enter the FTSE 100, which should support the shares and drive them higher, as per per fellow insight provider Brian Freitas (see <a href="https://www.smartkarma.com/insights/ftse100-index-rebalance-preview-takeover-names-in-focus" target="_blank" data-smartkarma-citation="insights:56622" rel="noopener">FTSE100 Index Rebalance Preview: Takeover Names in Focus</a>). Brian recommends buying the stock at 285p or slightly higher.
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Unsurprisingly, private equity has first directed its raid towards Morrisons, because it can take higher debt than competitors:
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<li>It has the highest ownership of its properties at 87% vs. c. 57% for <a href="https://www.smartkarma.com/entities/j-sainsbury-plc" target="_blank" data-smartkarma-citation="entities:22130:1" rel="noopener">J Sainsbury PLC (SBRY LN)</a>  and c. 58% for <a href="https://www.smartkarma.com/entities/tesco-plc" target="_blank" data-smartkarma-citation="entities:22187:1" rel="noopener">Tesco PLC (TSCO LN)</a>.</li>
<li>Its FY2023e gearing of 2.3x including operating leases, is the lowest in the industry and it has a £682 million pension surplus.</li>
<li>Its 2023e FCF will reach c. £447 mn (Capital IQ consensus).</li>
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As already mentioned, the 285p counteroffer by CD&amp;R would achieve and IRR of 12%, and would rely on a high exit multiple of 8.5x (this would mean a substantial re-rating vs. the previously considered 7.9x), cutting in Capex by a fifth, an EBITDA margin improvement to 6.3% (a c. 20 bps gain vs. Capital IQ consensus forecasts, with the necessary caveat that such a move may drive customers out of the stores and therefore loss of market share). Obtaining a higher IRR would involve substantial sale&amp;leaseback.
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None of the bidding parties has declared its offer as final and another bid could come from Fortress. If that happened, I believe the Panel would set up an orderly auction process. I change my recommendation to long MRW LN. Downside is limited to 2.1%.
The focus will turn now to <a href="https://www.smartkarma.com/entities/j-sainsbury-plc" target="_blank" data-smartkarma-citation="entities:22130:1" rel="noopener">J Sainsbury PLC (SBRY LN)</a>.

In my last insight about Wm Morrison Supermarkets (MRW LN) (see Fortress/Morrisons: 272p Pre-Emptive Strike ), I mentioned that a bid from CD&amp;R could come at 285p. The bid came, recommended, at 285p and the shares closed at 291p on 20 August.
Now shares are trading at around 291p,  on expectations of a raised offer by Fortress and  expectations that Morrisons may enter the FTSE 100, which should support the shares and drive them higher, as per per fellow insight provider Brian Freitas (see FTSE100 Index Rebalance Preview: Takeover Names in Focus). Brian recommends buying the stock at 285p or slightly higher.

Unsurprisingly, private equity has first directed its raid towards Morrisons, because it can take higher debt than competitors:

It has the highest ownership of its properties at 87% vs. c. 57% for J Sainsbury PLC (SBRY LN)  and c. 58% for Tesco PLC (TSCO LN).
Its FY2023e gearing of 2.3x including operating leases, is the lowest in the industry and it has a £682 million pension surplus.
Its 2023e FCF will reach c. £447 mn (Capital IQ consensus).

As already mentioned, the 285p counteroffer by CD&amp;R would achieve and IRR of 12%, and would rely on a high exit multiple of 8.5x (this would mean a substantial re-rating vs. the previously considered 7.9x), cutting in Capex by a fifth, an EBITDA margin improvement to 6.3% (a c. 20 bps gain vs. Capital IQ consensus forecasts, with the necessary caveat that such a move may drive customers out of the stores and therefore loss of market share). Obtaining a higher IRR would involve substantial sale&amp;leaseback.

None of the bidding parties has declared its offer as final and another bid could come from Fortress. If that happened, I believe the Panel would set up an orderly auction process. I change my recommendation to long MRW LN. Downside is limited to 2.1%.
The focus will turn now to J Sainsbury PLC (SBRY LN).

CD&R Leading the Bid War for Morrisons with a Recommended Offer

On Friday 6 August, Morrison agreed to an improved offer from the Fortress consortium that valued it at £6.7 billion. Under the offer, accepting Morrison shareholders will get 272p/share, which represents a 7% premium to the original Fortress offer. Morrison's EGM will now be held on 27 August. This is within the 270-280p range of my last recommendation. The new offer intends to lower the chances of a counteroffer by CD&amp;R.
On 9 August, the Takeover Panel extended the deadline for CD&amp;R to make an offer for Morrisons until 20 August. CD&amp;R is reportedly seeking financing/partners for a bid and had asked for more time to consider its options in response to the increased Fortress offer.
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Morrisons generates cash and is benefiting from WFH and higher demand due to home cooking. The balance sheet of the company, at 3.8x net debt/EBITDA and 2.8x EBIT/interest, is strong and has the backing of the freehold portfolio. Food retailers in the UK are behaving rationally and there  are no price wars looming. Private equity interest is due to largely low valuation of UK assets due to pandemic and Brexit.
As previously mentioned, Morrison is an already efficiently run business in terms of management of inventories and working capital and profitability comparable to that of Tesco and Sainbury's, therefore I see limited scope for value creation, other than financial, that is. On this basis I believe that it is unlikely that a financial buyer would be able to strip a substantial amount of cash out of Morrison.
According to my calculations, a 272p offer would rely on improving EBITDA margins (10-20 bps) and cutting Capex by a fifth (thus rendering the business potentially less attractive) and would reach an IRR of over 11% by year 8. Initial leverage would reach an uncomfortable 6.5x and debt/EBITDA would diminish to c. 4.1x by year 8. Exit multiple would be 8.0x, which I see as demanding. A higher IRR would imply a review of real estate (with sale&amp;leaseback, making the business more fragile, hopefully not "Punched" Taverns all over again), and a potential sale of the fuel business (which drives traffic into the stores).
I estimate that a counteroffer by CD&amp;R would have to be launched at 285p. IRR would be 12%, and would involve an exit multiple of 8.5x (this would mean a substantial re-rating vs. the previously considered 7.9x), cutting in Capex by a fifth, an EBITDA margin improvement to 6.3% (a c. 20 bps gain vs. Capital IQ consensus forecasts, with the necessary caveat that such a move may drive customers out of the stores and therefore loss of market share). Obtaining a higher IRR would involve substantial sale&amp;leaseback.
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On 9 August, shares closed at 278.8p. Gross spread is -3%. At the current market price, I would not wait for an increased offer price (which could come at 285p, just 2% higher than the last closing price) as the risk/reward is unfavorable now, in my view. Upside risk could come from a Panel-led auction, as it seems it will be the case for Vectura.
Recommendation is sell into strength.
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On Friday 6 August, Morrison agreed to an improved offer from the Fortress consortium that valued it at £6.7 billion. Under the offer, accepting Morrison shareholders will get 272p/share, which represents a 7% premium to the original Fortress offer. Morrison's EGM will now be held on 27 August. This is within the 270-280p range of my last recommendation. The new offer intends to lower the chances of a counteroffer by CD&amp;R.
On 9 August, the Takeover Panel extended the deadline for CD&amp;R to make an offer for Morrisons until 20 August. CD&amp;R is reportedly seeking financing/partners for a bid and had asked for more time to consider its options in response to the increased Fortress offer.

Morrisons generates cash and is benefiting from WFH and higher demand due to home cooking. The balance sheet of the company, at 3.8x net debt/EBITDA and 2.8x EBIT/interest, is strong and has the backing of the freehold portfolio. Food retailers in the UK are behaving rationally and there  are no price wars looming. Private equity interest is due to largely low valuation of UK assets due to pandemic and Brexit.
As previously mentioned, Morrison is an already efficiently run business in terms of management of inventories and working capital and profitability comparable to that of Tesco and Sainbury's, therefore I see limited scope for value creation, other than financial, that is. On this basis I believe that it is unlikely that a financial buyer would be able to strip a substantial amount of cash out of Morrison.
According to my calculations, a 272p offer would rely on improving EBITDA margins (10-20 bps) and cutting Capex by a fifth (thus rendering the business potentially less attractive) and would reach an IRR of over 11% by year 8. Initial leverage would reach an uncomfortable 6.5x and debt/EBITDA would diminish to c. 4.1x by year 8. Exit multiple would be 8.0x, which I see as demanding. A higher IRR would imply a review of real estate (with sale&amp;leaseback, making the business more fragile, hopefully not "Punched" Taverns all over again), and a potential sale of the fuel business (which drives traffic into the stores).
I estimate that a counteroffer by CD&amp;R would have to be launched at 285p. IRR would be 12%, and would involve an exit multiple of 8.5x (this would mean a substantial re-rating vs. the previously considered 7.9x), cutting in Capex by a fifth, an EBITDA margin improvement to 6.3% (a c. 20 bps gain vs. Capital IQ consensus forecasts, with the necessary caveat that such a move may drive customers out of the stores and therefore loss of market share). Obtaining a higher IRR would involve substantial sale&amp;leaseback.


On 9 August, shares closed at 278.8p. Gross spread is -3%. At the current market price, I would not wait for an increased offer price (which could come at 285p, just 2% higher than the last closing price) as the risk/reward is unfavorable now, in my view. Upside risk could come from a Panel-led auction, as it seems it will be the case for Vectura.
Recommendation is sell into strength.


Fortress/Morrisons: 272p Pre-Emptive Strike

The Board of <a href="https://www.smartkarma.com/entities/wm-morrison-supermarkets-plc" target="_blank" data-smartkarma-citation="entities:22052:1" rel="noopener">Wm Morrison Supermarkets (MRW LN)</a> has recommended a 254p cash offer by a consortium led by Fortress (to be effected by a scheme of arrangement). This is a 10.4% improvement vs. CD&amp;R's last possible offer, which was rejected by the Board.
This offer represents 8.5x EV/Fwd EBITDA and 17.9x Fwd P/E. This is below the 9.7x EV/EBITDA median of former deals in the sector. The planned sale values Morrisons shares at £6.3 bn, and the funds will also take on £3.2 bn of debt. The deal will be financed with £5.75 billion in debt, underwritten by HSBC and the Royal Bank of Canada.
Morrisons reported in March that its annual profit had been cut in half, largely due to costs incurred during the Covid-19 pandemic, but predicted a rebound in fiscal 2021-22. Morrison has some 500 stores, 58 Daily kiosks, 338 petrol stations, and more than 118,000 employees in the UK, but 2020 saw its shares fall off the selective FTSE-100, making it more vulnerable to acquisitions. Morrisons remains a unique asset for its market share (4th largest grocer in the UK) and portfolio of freehold property (book value of £5.8bn).
The offer from the Fortress consortium is to a large extent based on fuel and property (based on Fortress capabilities in grocery and petrol stations and KREI experience in real estate), potential new stores/investments in existing ones, and review of the property portfolio (although as mentioned before in the Insight), the consortium "does not anticipate engaging in any material store sale and leaseback transaction".
As for interloper risk, Reuters notes that a formal offer from CD&amp;R for Morrisons could involve Terry Leahy, the former CEO of Tesco, who is a senior advisor to CD&amp;R. CD&amp;R has until 17 July to make a firm offer. According to S&amp;P MI, Apollo<a href="https://platform.marketintelligence.spglobal.com/web/client?auth=inherit#company/profile?KeyProductLinkType=2&amp;id=4204256" target="_blank" rel="noopener"></a> is also looking to make an offer for Morrisons. 
Last week, JO Hambro, a top ten shareholder, said that any suitor in the group should offer about 270p/share, or £6.5 bn. This would be 6.3% higher than Fortress's bid. According to my calculations, such an offer would rely on improving EBITDA margins and would reach an IRR of 11% by year 8. Initial net debt/EBITDA would go over 6x and would diminish to c. 4x by year 8. Based on comparable companies, taking the implied median value across multiples, would give a valuation for Morrison of 290p.
Expect an improved offer to be in the range 270-280p. Recommendation is long MRW LN. Risk is that there will not be a bidding war. On 6 July Morrisons closed at 267p (with c. £33.6 mn traded). Gross spread to Fortress's offer is -5.1%.

The Board of Wm Morrison Supermarkets (MRW LN) has recommended a 254p cash offer by a consortium led by Fortress (to be effected by a scheme of arrangement). This is a 10.4% improvement vs. CD&amp;R's last possible offer, which was rejected by the Board.
This offer represents 8.5x EV/Fwd EBITDA and 17.9x Fwd P/E. This is below the 9.7x EV/EBITDA median of former deals in the sector. The planned sale values Morrisons shares at £6.3 bn, and the funds will also take on £3.2 bn of debt. The deal will be financed with £5.75 billion in debt, underwritten by HSBC and the Royal Bank of Canada.
Morrisons reported in March that its annual profit had been cut in half, largely due to costs incurred during the Covid-19 pandemic, but predicted a rebound in fiscal 2021-22. Morrison has some 500 stores, 58 Daily kiosks, 338 petrol stations, and more than 118,000 employees in the UK, but 2020 saw its shares fall off the selective FTSE-100, making it more vulnerable to acquisitions. Morrisons remains a unique asset for its market share (4th largest grocer in the UK) and portfolio of freehold property (book value of £5.8bn).
The offer from the Fortress consortium is to a large extent based on fuel and property (based on Fortress capabilities in grocery and petrol stations and KREI experience in real estate), potential new stores/investments in existing ones, and review of the property portfolio (although as mentioned before in the Insight), the consortium "does not anticipate engaging in any material store sale and leaseback transaction".
As for interloper risk, Reuters notes that a formal offer from CD&amp;R for Morrisons could involve Terry Leahy, the former CEO of Tesco, who is a senior advisor to CD&amp;R. CD&amp;R has until 17 July to make a firm offer. According to S&amp;P MI, Apollo is also looking to make an offer for Morrisons. 
Last week, JO Hambro, a top ten shareholder, said that any suitor in the group should offer about 270p/share, or £6.5 bn. This would be 6.3% higher than Fortress's bid. According to my calculations, such an offer would rely on improving EBITDA margins and would reach an IRR of 11% by year 8. Initial net debt/EBITDA would go over 6x and would diminish to c. 4x by year 8. Based on comparable companies, taking the implied median value across multiples, would give a valuation for Morrison of 290p.
Expect an improved offer to be in the range 270-280p. Recommendation is long MRW LN. Risk is that there will not be a bidding war. On 6 July Morrisons closed at 267p (with c. £33.6 mn traded). Gross spread to Fortress's offer is -5.1%. 

Fortress's Recommended Cash Offer Trumps CD&R

On 19 June, <a href="https://www.smartkarma.com/entities/wm-morrison-supermarkets-plc" target="_blank" data-smartkarma-citation="entities:22052:1" rel="noopener">Wm Morrison Supermarkets (MRW LN)</a>, aka Morrisons, said it had rejected a £5,522 mn cash offer from Clayton, Dubilier &amp; Rice (CD&amp;R). Morrisons said it had received an "unsolicited, highly conditional non-binding" offer proposal worth 230p/share (including final dividend of 5.11p/share, payable on 28 June), a c. 29% premium to the closing share price on 18 June. Morrisons said it had received the offer on 14 June and rejected it on 17 June.
The offer implies an equity value of £5,522 mn and EV of £8,713 mn, and values Morrisons at 7.8x EV/22e EBITDA and represents a 10% FCF yield (using Capital IQ consensus figures). At these levels, Morrisons' shares seem good value.
Bid speculation around Morrison has circulated since 2004, when Morrison acquired Safeway for £3 bn. Morrisons is Britain's fourth-largest grocer by sales. 
PUSU deadline: under UK takeover rules CD&amp;R has until 17 July to either announce a firm intention to make an offer or walk away.
Private equity is interested in UK supermarkets, because of their cash generation and freeholds.
In my view, Morrisons has the capacity to take on higher leverage: c. 85% of its stores are freeholds (book value is around £5.8 bn); it has gearing of 2.2x (including leases); and, FCF yield is near 10%.
After improvements in the business, Morrison is an efficiently run business in terms of management of inventories, working capital and profitability comparable to that of Tesco and Sainbury's, in my view. On this basis I believe that it is unlikely that a financial buyer would be able to strip a substantial amount of cash out of Morrison.
I estimate that by bidding 230p, CD&amp;R could achieve an IRR over 15% on year 6 (exit EV/EBITDA of 7.9x, g = 1.5%, cost of financing 200bps over 10-year swaps, 23% tax rate, 2022 Capital IQ consensus estimates).
A more aggressive bidder could offer 257p. The premium over 230p will depend on the bidder’s willingness to accept IRRs below 15% and the bidder’s view on increases in property values. The high leverage in any likely acquisition structure would allow the bidder to achieve substantial profits out of any revaluation of the property portfolio. Due diligence would be required to structure the financing of the offer. On this basis any bid would require the support of Morrison’s Board, in my view.
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However I believe that a financial buyer would add little to Morrisons.
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On 21 June, shares closed at 240.2p, a 34.6% increase, on hopes that CD&amp;R might raise its proposed offer. I would not rule out that Morrison's Board would be willing to discuss a higher offer, although I would wait until a firm offer is presented.
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On 19 June, Wm Morrison Supermarkets (MRW LN), aka Morrisons, said it had rejected a £5,522 mn cash offer from Clayton, Dubilier &amp; Rice (CD&amp;R). Morrisons said it had received an "unsolicited, highly conditional non-binding" offer proposal worth 230p/share (including final dividend of 5.11p/share, payable on 28 June), a c. 29% premium to the closing share price on 18 June. Morrisons said it had received the offer on 14 June and rejected it on 17 June.
The offer implies an equity value of £5,522 mn and EV of £8,713 mn, and values Morrisons at 7.8x EV/22e EBITDA and represents a 10% FCF yield (using Capital IQ consensus figures). At these levels, Morrisons' shares seem good value.
Bid speculation around Morrison has circulated since 2004, when Morrison acquired Safeway for £3 bn. Morrisons is Britain's fourth-largest grocer by sales. 
PUSU deadline: under UK takeover rules CD&amp;R has until 17 July to either announce a firm intention to make an offer or walk away.
Private equity is interested in UK supermarkets, because of their cash generation and freeholds.
In my view, Morrisons has the capacity to take on higher leverage: c. 85% of its stores are freeholds (book value is around £5.8 bn); it has gearing of 2.2x (including leases); and, FCF yield is near 10%.
After improvements in the business, Morrison is an efficiently run business in terms of management of inventories, working capital and profitability comparable to that of Tesco and Sainbury's, in my view. On this basis I believe that it is unlikely that a financial buyer would be able to strip a substantial amount of cash out of Morrison.
I estimate that by bidding 230p, CD&amp;R could achieve an IRR over 15% on year 6 (exit EV/EBITDA of 7.9x, g = 1.5%, cost of financing 200bps over 10-year swaps, 23% tax rate, 2022 Capital IQ consensus estimates).
A more aggressive bidder could offer 257p. The premium over 230p will depend on the bidder’s willingness to accept IRRs below 15% and the bidder’s view on increases in property values. The high leverage in any likely acquisition structure would allow the bidder to achieve substantial profits out of any revaluation of the property portfolio. Due diligence would be required to structure the financing of the offer. On this basis any bid would require the support of Morrison’s Board, in my view.

However I believe that a financial buyer would add little to Morrisons.

On 21 June, shares closed at 240.2p, a 34.6% increase, on hopes that CD&amp;R might raise its proposed offer. I would not rule out that Morrison's Board would be willing to discuss a higher offer, although I would wait until a firm offer is presented.




United Kingdom

Morrisons is the fifth largest supermarket chain in the United Kingdom, retailing groceries, clothing, and general merchandise products. The company also operates as a food maker with 19 manufacturing facilities. It was founded in 1899 by William Morrison and is headquartered in Bradford, England.

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Morrisons (MRW LN)

CD&R/Morrisons: Final Offer and Spread

The winning bid should achieve an 11.8% IRR by year 8 (leverage of 4.1x net debt/EBITDA). Gross spread is 0.5%. The deal will complete. Time to...

Jesus Rodriguez Aguilar

CD&R Leading the Bid War for Morrisons with a Recommended Offer

None of the bidders has declared its offer final. Another bid could come from Fortress and the Panel would set up an orderly auction. Further...

Jesus Rodriguez Aguilar

Fortress/Morrisons: 272p Pre-Emptive Strike

Gross spread is -3%. An increased offer price could come at 285p on demanding exit multiple, but risk/reward seems unfavorable now. Upside risk...

Jesus Rodriguez Aguilar

Fortress's Recommended Cash Offer Trumps CD&R

Expect an improved offer to be in the range 270-280p. Long MRW LN. Risk is that there will not be a bidding war. On 6 July there were c. £33.6 mn...

Jesus Rodriguez Aguilar

CD&R/Morrisons: Takeover Approach

A more aggressive bidder could offer 257p, depending on the willingness to accept IRRs <15% and view on increases in property values. Any bid would...

Jesus Rodriguez Aguilar

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