Singapore’s GIC groups up with Fortress on £9.5bn Morrisons bid

Singapore’s GIC teams up with Fortress on £9.5bn Morrisons bid

Wm Morrison Supermarkets PLC updates

Singapore’s sovereign wealth fund GIC has joined the consortium bidding for UK grocery store chain Wm Morrison.

The consortium, which is led by personal fairness group Fortress, stated on Wednesday that GIC would supply £100m of funding for the bid car, which has made a £9.5bn supply for Morrisons. GIC already has a zero.2 per cent stake within the grocery chain.

Canadian pension fund CPPIB and a unit of Koch Industries are a part of the Fortress consortium. Non-public fairness group Apollo this month stated it was contemplating becoming a member of the group, after deciding to not make its personal supply.

Morrisons’ board has accredited the 252p per share bid, but it surely has run into bother with buyers. Silchester, the grocery store chain’s largest investor, on Tuesday stated that it was “not inclined to assist the present Fortress supply”.

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