Which supermarket did morrisons buy

Morrisons appears an attractive opportunity for private equity as its share value had recently sat below its pre-pandemic levels despite strong recent revenues. Thin margins and rising costs have continued to press down on valuations in the supermarket sector, fuelling regular speculation for potential takeovers. Nevertheless, Morrisons has significant ownership of parts of its supply chain and a large property portfolio which will appeal to possible buyers.

Neil Wilson, chief market analyst at Markets. The Labour party and MPs on the Business, Energy and Industrial Strategy committee have raised concerns that the retailer could be stripped of assets in a private equity takeover. Morrisons shares leapt above p on Friday, suggesting the investment community believes that a bid higher than the p agreed offer is still on the cards.

Many of Morrisons shareholders have remained quiet about the latest move but the value is now above the p initially quoted by some investors as a good value for the retailer. The board, which will meet on Saturday, is now expected to recommend shareholders accept the new offer at a meeting set for 19 October.

Morrisons was founded in Bradford in - where it still has its headquarters. The group has almost shops and more than , staff. The private equity firm said it would help Morrisons to build on its strengths, including its close relationships with suppliers and its property portfolio. Mr Higginson said the offer represented "excellent value for shareholders while at the same time protecting the fundamental character of Morrisons". An acquisition could result in some combination between Morrisons and MFG, with Morrisons currently operating fewer convenience and forecourt stores than some of its competitors.

Morrisons shares leapt above p on Monday, suggesting the investment community believes that a bid higher than the p agreed offer is still on the cards. Many of Morrisons shareholders have remained quiet about the latest moves but top 10 investor JO Hambro said last week it would hope for a p per share offer. The current share price suggest that many traders currently believe the appetite of the three interested parties could spark a bidding war which will result in an offer nearer this price.

Morrisons has a long-standing partnership with US online retail giant Amazon with Morrisons selling groceries through its online platform in the UK. Amazon has also grown its bricks and mortar retail business in recent years with its acquisition of Whole Foods in and its recent launch of three Amazon Fresh till-free stores in London.

Want to bookmark your favourite articles and stories to read or reference later? They include a factory producing bacon and quiche on the outskirts of Bradford among 18 different operations that range from abattoirs to makers of flower bouquets.

Stung by past experience of private equity takeovers, the Labour party and unions have called for assurances that major job losses will not be part of the plans. What happens next matters hugely in West Yorkshire, with 5, employees in Bradford, including 2, at head office. Overall, more than one in every 50 jobs in the Bradford district is with Morrisons. There, people are concerned the move will mean the historical connection with the city is severed, with economic and cultural losses. Susan Hinchcliffe, the leader of Bradford council, said Bradford was very proud to be the home of Morrisons, and to consider it an economic partner.

During the pandemic, it was praised as one of the first big companies to make substantial donations when it became clear food banks were under strain.