Wm Morrison Supermarkets’ shares dropped to their lowest level since summer 2000 yesterday, diluting the value of its all-share offer for rival Safeway from £2.9bn when announced on 9 January to £2.2bn.
The group posted its offer document to shareholders yesterday, highlighting a blueprint for turning Morrisons into a powerful fourth force in UK food retailing.
It said it expects to pay its advisers, lawyers, accountants and public relations people around £15m in fees for the bid, with an extra £12m for stamp duty.
Financial Times 01/02/03 page 14,
Daily Telegraph 01/02/03 page 31,
The Times Business 01/02/03 page 54,
The Guardian 01/03/02 page 27,
The Independent 01/02/03 page 21
