Morrisons Shares Hit Eight-Year High Ahead Of Expected Bidding Battle.

Morrisons Shares Hit Eight-Year High Ahead Of Expected Bidding Battle.
Shares in Morrisons hit almost eight-year highs as investors looked to private equity group Clayton, Dubilier & Rice to return with a higher offer to counter Fortress' bid to acquire the supermarket chain.
At 272 pence per share, Morrisons' stock has jumped well above the 252 pence recommended offer from Softbank-owned Fortress.
CD&R has until next Monday to make a counter bid.
Investors are due to vote on the Fortress bid on August 16.
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The battle for Morrisons is the most high-profile looming takeover in the country amid a raft of bids and counter bids, reflecting private equity's appetite for UK Plc and the cash-generating capabilities of well-run supermarkets.
CD&R sparked speculation it would return with a higher offer for Morrisons when it did not exit the picture following the rejection of its earlier 230 pence a share offer, instead keeping its options open.