As far as statements of intent by would-be buyers go, particularly private investors, Fortress’ words carried some big commitments about what sort of owner of Morrisons it would be.
Frequently, details of new owners’ plans post-takeover remain obscure until the transaction is complete. That prompts people to fear the worst – and there are plenty of examples when such fears turned out to be entirely justified.
A couple of weeks back, after it emerged that private-equity house CD&R was weighing up a £5.5bn pounce on Morrisons, I argued that it would be in the interests of everyone – including private investors themselves – to be far more transparent about their strategy and intentions.
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