In 2021 we advised Fortress on all stages of its £6.3bn and subsequent £6.7bn bid for WM Morrisons plc. The deal was very high profile, with many stakeholders. Specific complex issues to manage included:​

• Fortress’s status as a private-capital bidder and US firm amid hostility to private-equity takeovers across the media​

• Morrisons’ reputation as a retailer loved by its colleagues, customers and communities for its heritage, product offering and position in the market​

• Morrisons’ extensive supply chains across the UK, and potential impacts on these; including the largest customer of UK farming.​

• A recognised and powerful trade union, Usdaw, that had recently negotiated a substantial pay-rise for staff​

• Major pension obligations which are a focus of regulatory & governance​

• Morrisons’ role as a major contributor to UK tax revenues, and its position as a strategically important and nationally significant UK company​

Fortress had both its offers recommended by the Morrisons Board, and they were well received by key business media, BEIS, regulators, unions and other stakeholders. While Fortress was ultimately outbid in a Takeover Panel auction, it withdrew with a significantly enhanced reputation. Following the deal Fortress became a retained client.  We leveraged Fortress’ ownership of Majestic Wine during the transaction, enhancing both profiles.​

We continue to support Fortress M&A including Punch Pubs, the owner of 1,300 community pubs across the UK, in December 2021.

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