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CMA raises no issues over Morrisons takeover

The Morrisons bidder has now said it does not expect any delay in proceeding with the takeover

The private equity backed consortium looking to buy Morrisons has said the Competition and Markets Authority (CMA) has not raised any issues surrounding its £6.3bn takeover deal. 

The consortium, which is led by Majestic Wines owner Fortress, has said the CMA has told the group that it had “no further questions” in relation to the offer. 

In a letter to the stock exchange, it also noted that the CMA “has not opened an inquiry, or indicated in writing that it is still investigating whether to open an inquiry”.

The Morrisons bidder has now said it does not expect any delay in proceeding with the takeover. 

The supermarket agreed to the takeover move after it rejected an initial £5.5bn offer from private enquiry firm Clayton, Dubilier and Rice (CD&R).

The offer, which was submitted on 14 June, valued Morrisons at 230 pence per share for the entire share capital of the group.

However, Morrison’s largest shareholder Silcherster has criticised the deal, stating on Tuesday (27 July) that it was “not inclined” to support the takeover. 

The investment firm, which owns a 15.1% stake in the ‘Big Four’ Grocer, has said it believes more time should be given for a rival bid to be made that may better the current offer. 

In a statement, it said: “In this particular case, the scheme of arrangement has enabled the adoption of a short timetable, giving insufficient opportunity for competing bids to emerge.”

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