Fortress to buy Morrison for $8.7 billion, may start bidding war

An investor consortium led by Fortress Investment Group agreed to buy Wm Morrison Supermarkets Plc for about 6.3 billion pounds ($8.7 billion), potentially triggering a bidding war for one of the UK’s largest grocers.

The group -- led by Fortress, a SoftBank Group Corp. subsidiary -- has been in talks with Morrison since May and made five offers during the period, people familiar with the matter said. The supermarket chain said in June that it rejected a 5.5 billion-pound offer from Clayton Dubilier & Rice. As essential businesses, grocery chains weathered the past year’s pandemic better than other retailers, and investors are seeking to capitalize on the stores’ improving fortunes as lockdowns end.