Morrisons bid imminent
WM Morrisons will launch a £3 billion cash-included bid for rival Safeway this week, according to the Sunday newspapers.
Both groups have agreed a price of 285 pence per share for Safeway.
The offer may come early Monday morning.
Safeway shares closed at 283-3/4p on Friday.
Morrison’s made the £2.9 billion bid in January.
Morrison’s was given the go ahead to bid for Safeway on the proviso that it sold 48 of its 52 stores. The Government ruling blocked Tesco, J Sainsbury and Wal-Mart’s Asda from entering the takeover battle.
Morrison’s has until December 29th to make a bid for Safeway after the Dti backed the takeover last week.
A formal offer document is expected to be forwarded to Safeway shareholders before Christmas.
If the deal is clinched Morrisons chairman Ken Morrison will take over at Safeway in February.
Last week, Asda made a last-ditch bid to Safeway to buy 70 of its stores for £2 billion.
