Morrisons could become subject to a bidding war as New York hedge fund Apollo mulls offer

Investment giant Apollo has said it considering launching its own bid to buy Morrisons after the supermarket chain agreed a £6.3 billion private equity takeover offer on Saturday.

New-York based asset manager Apollo Global Management confirmed that it is “in the preliminary stages of evaluating a possible offer for Morrisons” on behalf of investment firms managed by Apollo.

It added that no formal approach has yet been made to the board of the Bradford-based chain.

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The interest from Apollo comes two days after Morrisons told investors it had agreed a £6.3 billion bid from a consortium of investment groups.

Morrisons could be subject to a bidding war.Morrisons could be subject to a bidding war.
Morrisons could be subject to a bidding war.

The offer, led by Softbank-owned Fortress which has partnered with Canada Pension Plan Investment Board and Koch Real Estate Investments, will see shareholders receive 252p per share plus a 2p special dividend.

The agreement came almost two weeks after private equity firm Clayton, Dubilier & Rice (CD&R) made an approach last month.

In a statement on Monday, Apollo said: “No approach has been made to the board of Morrisons.

“There can be no certainty that any offer will be made, nor as to the terms on which any such offer might be made.”

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