UK supermarket Morrisons agrees to $8.7 billion takeover

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UK supermarket Morrisons agrees to $8.7 billion takeover

Morrisons may soon get a new owner, softbank owned. Fortress investment group agreed on Saturday to take over the British retailer for 8.7 billion dollars.

The American investment management firm, teamed up with Canada, pension plan, investment board and coke real estate investments to bid for Britain’s fourth-largest supermarket chain that offer tops an unsolicited 7.6 billion dollar bid from the U.S. private equity Firm Clayton de billier and rice Morrisons rejected CDNR’s, offer last month saying it was far too low shareholders get to vote on fortress’s, offer which is lower than what one of Morrison’s leading investors.

J.O hambro asked for last week: private funds find British supermarket groups attractive because they generate cash and owned property under British takeover rules. CDNR has until July 17th to come back with an offer.

The firm had no immediate comment. Morrisons has a partnership agreement with amazon.com, which owns the upscale supermarket chain. Whole foods analysts speculate that Amazon, as well as other private equity firms, could emerge as possible bidders