Bid for Morrison: Firms await review's outcome
UK grocer estimates its freehold property is worth about £9b
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[NEW YORK] Buyout firms CVC Capital Partners Ltd and Carlyle Group LP are awaiting the outcome of Wm Morrison Supermarkets plc's property review this week as they evaluate a bid for the UK grocer, said people familiar with the matter.
The value of the real estate has been emphasised by the buyout firms meeting banks to discuss financing for a potential buyout, said two people, who asked not to be identified because they weren't authorised to speak publicly.
Morrison estimates its freehold property is worth about £9 billion (S$19 billion), exceeding its market capitalisation of £5.5 billion. The company is due to announce the results of the review when the Bradford, England-based retailer reports annual results on Thursday.
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