Comments seem critical of takeover practices commonly associated with sector
Britain’s largest asset manager has warned that Morrisons could be taken over by a private equity outfit for the “wrong reasons” after a third US buyout firm said it was considering a formal bid for the UK’s fourth-largest supermarket chain.
Legal & General Investment Management (LGIM) said that potential buyers should not buy Morrisons to take advantage of a possibly undervalued property portfolio, to load it up with debt, or to cut its tax bill, in comments that appeared to criticise practices commonly associated with the private equity industry.
