The private equity buyout of Morrisons is ‘another example of a company going to the knacker’s yard’, Lord Heseltine has claimed.
The former defence secretary said it was ‘disappointing’ to see swathes of British companies being sold off to private equity firms, whose aim is to sell the businesses on to make a quick profit.
Concern: The former defence secretary said it was ‘disappointing’ to see swathes of British companies being sold off to private equity firms
As he called on the Government to review the recent spate of deals, Heseltine said: ‘Morrisons is another example of a company with great values which is going to the knacker’s yard.’
A group of investors, led by US buyout firm Fortress, has put up £9.5billion for Morrisons in an offer which has been accepted by the board.
Another private equity firm, Clayton Dubilier & Rice, had already tabled a lower bid and is now expected to gazump the Fortress deal with a rival offer.
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