Trustees say more protection should be put in place before shareholders vote on private equity deal
Trustees of Morrisons’ pension schemes have broken cover to warn that a £7bn private equity takeover threatens to “materially weaken” their financial position, and demanded additional security over some of the supermarket’s assets.
Last week the Morrisons board agreed a debt-fuelled £7bn takeover by the US private equity group Clayton, Dubilier & Rice, in the latest round in a fierce fight for control of the country’s fourth largest supermarket chain. The 285p-per-share offer trumped that of a rival suitor, Fortress.
