Page 2 - Supermarket

Bidding war for British supermarket chain Morrisons heats up

Shares in British supermarket chain Morrisons spiked higher Friday after New York-based private equity firm Clayton, Dubilier & Rice trumped a previous offer for the company with a 7 billion-pound ($9.5 billion) bid. Morrisons' board has accepted the offer and said shareholders should vote in favor of the takeover at a meeting due in early October. That means the company has withdrawn its recommendation for investors to accept a previous 6.7 billion-pound takeover deal from a consortium led by rival private equity firm Fortress, which said it was considering its options. The news of the new offer and the possibility of a continuation in the bidding war buoyed Morrisons' share price. In morning trading in London, it was up 4.3% at 291.20 pence. Morrisons is Britain's fourth-largest retailer, employing about 110,000 people in nearly 500 stores and over 300 gas stations. The new offer comes a week after CD&R was given an extended deadline until Friday afternoon by British ...

Fortress-led group to buy UK's Morrisons for $8.7 billion

Morrisons, the UK's fourth-largest supermarket chain, has accepted a 6.3 billion-pound (USD 8.7 billion) takeover bid from a group of buyers led by Fortress Investment Group. The deal comes as investment firms look for opportunities in Britain, where the country's departure from the European Union and the COVID-19 pandemic have weighed on share prices. Just last month, Morrisons rejected an unsolicited offer of 5.5 billion pounds from New York-based Clayton, Dubilier & Rice, saying the bid undervalued the company. The group led by Fortress, a New York-based private equity firm, agreed to pay 254 pence per share for Morrisons, 42 per cent more than the shares were worth before the bid from Clayton Dubilier. The buyers also include the Canada Pension Plan Investment Board and Koch Real Estate Investments. We have looked very carefully at Fortress' approach, their plans for the business and their overall suitability as an owner of a unique British food-maker and shopkeeper, said ...

Sandwich chain to tailor: Companies adapt again as workers return to office

Retailers like sandwich chain Pret a Manger Ltd can serve as a model for how to accommodate remote workers.

UK supermarket giant Tesco sees profit dented by Covid related costs

Tesco is Britain's biggest supermarket

India retail: A nearly $900 billion market dominated by mom-and-pop stores

India's retail landscape is changing, with global and domestic consumer and retail behemoths fighting tooth and nail to woo shoppers, as many choose large, clean supermarkets over crowded local stores

FMCGs shore up trade margins, consumer promotions ahead of festive season

Margins not impacted significantly even as firms offer everything from price-offs and grammage increase to buy-one-get-one free schemes, combo packs

Indian-origin brothers pull off coup, buy UK supermarket chain Asda

Pull off an acquisition bigger than the Tatas' Corus and JLR deals, will hold controlling stake while Amazon will own a minority share

Small and local brands grow big in FMCG market amid coronavirus lockdown

Companies say low-unit packs as well as lesser-known brands seeing greater traction during lockdown

COVID-19 panic-buying: Factories re-orient ops as US supermarkets run dry

Retailers have warned that hoarding toilet paper, cleaning supplies and food staples was fueling shortages and stoking fear

Everything new in the supermarket is not so good

Realising this, shoppers are shunning processed, packaged products