Teneo handles private equity firm Clayton, Dubilier & Rice as it considers a possible cash deal for Wm. Morrison Supermarkets plc, which is Britain’s No. 4 chain.
Under UK takeover rules, CD&R has until July to make a firm offer for Morrisons.
The chain’s board of directors on June 19 rejected CD&R’s “unsolicited highly conditional non-binding proposal.”
After discussion with financial advisor Rothschild & Co., Morrisons’ board determined that CD&R's $7.6B offer “significantly undervalued Morrisons and its future prospects.”
Reuters reported that Terry Leahy, who transformed Tesco into the UK’s No. 1 supermarket chain, is advising CD&R.
Teneo’s Philip Gawith and Haya Herbert-Burns represent CD&R, which acquired Huntsworth Group (owner of Grayling, Red and Citigate Dewe Rogerson PR firms) for $520M in 2020.
No comments have been submitted for this story yet.