Business Services Industry
William Morrison Seeks to Sell about 50 Stores to Buy Safeway.
Knight Ridder/Tribune Business News, December, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Dec. 8--The Safeway and William Morrison camps are waiting patiently. Trade Secretary Patricia Hewitt is this week expected to endorse agreements that Morrisons will sell about 50 stores in order to buy rival Safeway.
Only then can the takeover clock begin to tick because Morrisons will have 21 days to make its bid and decide exactly how much it wants to put on the table.
Morrisons bid UKpound 2.9 billion for Safeway in January, but interest from others provoked a Competition probe which ruled that the group could rebid if it disposed of some stores. Currently trading at about 280 pence, rumours suggest Morrisons will pitch its offer at less than the original nominal bid of 285...
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