Morrison shares set to rise on US$8.7bil takeover offer

Largest buyout: A Morrisons supermarket in Stratford, east London. The British supermarket giant has accepted a takeover offer. — AFP

LONDON: Wm Morrison Supermarkets Plc shares are poised to gain after the UK supermarket operator agreed to a £6.3bil (US$8.7bil or RM36.2bil) takeover bid that could prompt counteroffers.

Over the weekend, a consortium led by Fortress Investment Group offered 252 pence (RM14.44) per share plus a two pence (RM0.11) special dividend, a premium of more than 42% to the closing price as of June 18, the final day of trading before another bid to take over the grocer.