Morrisons bidder reveals review plan as deal triggers £300m fees bonanza

Morrisons bidder reveals review plan as deal triggers £300m fees bonanza

The private equity firm seeking to snap up Morrisons has unveiled plans for a sweeping review of grocer's property portfolio, as bankers and lawyers prepare to share in a £300m payday if the deal goes ahead. Fortress said it will conduct "a fuller evaluation of the group and its operations and organisational structure" within six months if its £6.3bn takeover bid succeeds - including a detailed look at the hundreds of freeholds owned by the company. Although Fortress repeated a reassurance that it does not plan to sell a significant chunk of Morrisons' store estate, the plans are likely to raise concerns among campaigners who fear the bidder will seek to extract as much value as possible while loading the chain up with debt. The proposals were revealed in a circular for Morrisons investors ahead of a vote on the takeover on August 16. The documents also showed that advisers to the two sides could earn a maximum of £312m in fees. Bankers, lawyers, spinners and accountants acting for Fortress are in line for up to £263m. Morrisons will spend …
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