image copyrightPA Media A rival offer for Morrisons is being considered by a US investment firm, only days after the UK grocer agreed to a £6.3 billion ($8.7 billion) takeover. Although Apollo Global claimed it was exploring the move, Morrisons has yet to be approached. It’s the third company in two months to express interest in the UK brand, fueling rumours of a bidding battle. Morrisons accepted a bid from a US investment group led by the owner of Majestic Wine on Saturday. The acquisition attempt, led by Fortress Investment Group of the United States, is subject to shareholder approval, although the grocery chain’s board of directors has recommended that it be accepted. Apollo said it was “in the beginning stages of examining a possible bid for Morrisons” in a short statement released on Monday. It did, however, add: “Morrisons’ board of directors has not been approached. There is no way of knowing whether or whether an offer will be made, or what terms it will be made on.” Morrisons announced over the weekend that the Fortress acquisition will result in shareholders receiving 254p per share, a 42 percent premium over the supermarket’s share price prior to the offer period. Morrisons CEO Andrew Higginson said the supermarket’s “performance during the epidemic” had enhanced its status, allowing it to approach Fortress from a “hard-won position of strength.” He claimed the group had a “complete knowledge and appreciation of Morrisons’ core essence.” Fortress managing partner Joshua A Pack stated that the company was committed to becoming “excellent stewards of Morrisons.” Morrisons operates almost 500 stores and employs over 110,000 people in the United Kingdom. It turned down a £5.5 billion bid from a separate private equity firm, Clayton, Dubilier & Rice, last month, claiming it had grossly undervalued the company. RetailingCompaniesMorrisons/n
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