‘Knacker’s yard’ awaits Morrisons, according to Lord Heseltine

Lord Heseltine claims Morrisons private equity buyout is ‘another example of a company going to the knacker’s yard’

Morrisons’ private equity buyout is “another example of a company going to the knacker’s yard,” claimed Lord Heseltine.

The former defense secretary said it was “disappointing” to see a large number of British companies being sold to private equity firms, who aim to sell the companies on for a quick profit.

Concern: Former Defense Secretary said it was ‘disappointing’ to see a large number of UK companies sold to private equity firms

Calling on the government to review the recent spate of deals, Heseltine said, “Morrisons is another example of a great value company going to the knacker’s yard.”

A group of investors led by US buyout firm Fortress has raised £9.5bn for Morrisons in a bid that has been accepted by the board.

Another private equity firm, Clayton Dubilier & Rice, had already lowered its offer and is now expected to overestimate the Fortress deal with a competing offer.

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