Fortress has picked up another ally in its ongoing attack on Morrisons.
Singapore’s sovereign wealth fund, GIC, said yesterday that it would provide £100m of funding to the £6.3bn offer being put forward by the Fortress consortium.
The development came after the supermarket’s biggest shareholder Silchester International Investors, which holds 15.1%, said it would not back the bid.
Fortress needs 75% support and not a single shareholder has publicly backed its approach so far.
US private equity firm Clayton, Dubilier & Rice has a until 9 August to make an offer, and is understood to be working on a fresh bid.
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