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Morrisons shareholders will vote on Fortress offer in August

The offer on the table by Fortress stands at 254p per share

Morrisons (LON:MRW) confirmed on Thursday that its shareholders will be able to vote on the proposed £6.3bn takeover from a consortium led by Fortress Investment Group on August 16.

A court meeting and a general meeting will be held on August 16, it was revealed by a scheme document outlining Fortress’ offer.

While the supermarket group’s directors are recommending acceptance, the offer remains subject to approval by shareholders.

The offer on the table by Fortress stands at 254p per share. 252p is in cash plus a 2p share dividend.

The special dividend would be paid two weeks after the takeover is completed.

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“Discussions are continuing with the trustees to agree appropriate mitigation and the trustees have stated their intention to issue their opinion on the Fortress Offer in due course,” Morrisons said.

Back in June, Morrisons rejected an offer of £5.5bn from a different consortium, adding that it was an undervaluation of the company.

The business consists of just under 500 stores and over 110,000 employees across the UK.

In addition to Fortress’ offer, which has been deemed acceptable, the investor promised to support the supermarket’s exit strategy, keep its head office in Bradford and protect employees’ pension rights.

Morrisons first existed as a market stall in Bradford in 1899 owned by William Morrison. His son then took over the company and opened the first supermarket in the 1960s.

During the morning session on Monday, the Morrisons share price is pretty much unchanged.

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