Fortress Investment Group recently announced an impressive new venture. The New York based company is a familiar face within the local business world. After all, in Q3 of 2020 alone the group was responsible for managing $49.9 billion in total assets. Saying that Fortress Investment Group is a major player in the economic scene would be an understatement. But of course an American company will be most familiar among Americans.
People overseas may well get their introduction to the investment group through a recent acquisition. The group has been working hard to make an acquisition of Morrisons. The British supermarket chain has an impressive history. The first Morrisons store opened in 1899. The chain has been gaining awareness and popularity for over 100 years. Saying that it carries an impressive legacy would be an understatement. This is what makes the investment group’s successful bid so impressive.
The investment group initially made an offer of 254 pence per share. It was a large enough bid to catch Morrisons attention. In fact, it appeared for a while that the bid would be accepted. Morrisons initially agreed to public proposal. But as is often the case, things became more complicated as the offer went through to the shareholders. The bid was eventually rejected by the shareholders. Though this only came down to a matter of how much was offered.
Fortress Investment Group pushed forward with a new offer of 270 pence. In addition to this a 2 pence dividend was offered per share in Morrisons. It’s expected that this will result in a unanimous recommendation to the shareholders from Morrisons. Likewise, it seems probable that the bid will be accepted by them.
This will be yet another big point of growth for Fortress Investment Group. The asset manager was formed in 1998 as a pure private equity firm. And since that initial creation they’ve grown in success and influence from their base in New York City. To learn more visit: here.