The private-equity battle for U.K. supermarket chain Wm Morrison Supermarkets continued on Friday as a Fortress Investment Group-led consortum increased its takeover bid.
Fortress increased its offer to £6.7 billion ($9.3 billion), or 272 pence per share when a 2 pence per share dividend is included, from £6.3 billion. Fortress said it “notes the speculation regarding a possible counter-offer by CD&R.”
The consortium, backed by the Morrisons board, said it “remains committed to becoming the new owner of Morrisons and to being a responsible long-term steward of this great British company through the next stage of its evolution.”
The Canada Pension Plan Investment Board, Koch Real Estate and Cambourne Life Investment also are participating in the Fortress-led bid.
shares rose 2% to 278 pence.