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Supermarkt keten door Amerikanen overgenomen

De strijd om supermarktketenMorrisons nadert hoogtepunt.

US private equity firma’s Fortress and Clayton, Dubilier & Rice vochten in een veilingsprocedure de strijd uit dit weekend.

Het veilingproces voor Morrisons afgelopen zaterdag duurde maximaal vijf rondes en zo juist werd de uitslag bekend gemaakt.

  • Wat maakt de overname van Morrisons zo bijzonder? Allereerst is het qua inkomsten een grote speler op de Britse markt. Met een omzet van omgerekend 20,5 miljard euro in 2020 en 110.000 medewerkers is Morrisons de vierde supermarkt van het land, na Tesco’s, Sainsbury’s en Asda. Het bedrijf heeft een marktaandeel van 10,1 procent, tegen 27,1 procent van marktleider Tesco. Met dit marktaandeel is Morissons ongeveer vergelijkbaar met het marktaandeel van de nieuwe combinatie Coöp en Plus. Daarnaast heeft Morrison ook nog veel groeimogelijkheden in de UKmarkt.
  • Morrison’s heeft bovendien een groot aandeel in eigen voedselproductie Morrisons

bezit verschillende vleesverwerkers evenals een eigen vissersvloot. Daardoor is een aanzienlijk deel van de schappen vers en van eigen “hand”. Andere grotere ketens in het VK zijn veel afhankelijker van externe leveringen en hebben zo minder invloed op de prijs. Dit is ook een duidelijk gegeven in Nederland, waarbij er een kopersbeweging zichtbaar is naar verse artikelen en milieuvriendelijke producten. Morrisons speelt bij uitstek in op deze kopers voorkeuren

  • Analisten gaan ervan uit dat de marktwaarde van de supermarktketen aan de lage kant is. Zeker gezien het feit dat Morrisons 85 procent bezit van de panden van zijn bijna vijfhonderd supermarkten. Voor private-equitypartijen is het een goudmijn. Zij kunnen een belangrijk deel van de overnamesom lenen en die terugbetalen met de inkomsten uit verkoop van panden. Dit is een standaardprocedure voor veel equity partijen zoal we in Nederland bijvoorbeeld gezien hebben bij V&D. Dit kan ook negatief uitpakken voor de winkelketen als de winkels daarna met grote schulden worden opgescheept. (V&D, HEMA). Maar het kan ook leiden tot nieuwe slagvaardige retail concepten, doordat alle investeringen in de retailformule wordt gedaan.
  • De angst voor het verkopen van vastgoed en het met schulden belasten van Morrisons is een van de redenen dat de Britse politiek zich met overname is gaan bemoeien. Het zou tot kostenbesparingen via reorganisaties en dus tot ontslagen kunnen leiden. Terwijl de investeerders hun investering al terugverdiend hebben met de verkoop van vastgoed en de daaraan gekoppelde leningen aan de overgenomen retailonderneming.

 De strijd om Morrisons

De strijd om Morrisons over te nemen werd zaterdag beslist in een eendaagse veiling, zo heeft de supermarkt aangekondigd, terwijl twee Amerikaanse private equity-bedrijven streden om de op drie na grootste supermarktketen van het VK. Fortress en Clayton, Dubilier & Rice (CD&R) moesten formele biedingen indienen, waarbij het veilingproces op zaterdag maximaal vijf rondes duurde. Een resultaat zal volgens verwachting maandagochtend bekend worden gemaakt, maar de uitslag werd al zaterdagavond bekend gemaakt (zie Breaking News). Als geen van beide bedrijven een verhoogd bod uitbrengt, wint het laatste bod van CD&R. Het bod van CD&R waardeert Morrisons op £ 7 miljard, of £ 9,7 miljard inclusief schulden.

De Morrisons-veiling komt te midden van een golf van biedingen op Britse bedrijven van private equity-investeerders, met name uit de VS, uit bezorgdheid dat Britse bedrijven mogelijk ondergewaardeerd zijn ten opzichte van hun internationale concurrenten. Morrisons speelde een belangrijke rol bij het voeden van het land tijdens de pandemie van het coronavirus en vertrouwde op activa, waaronder zijn eigen voedselproductiefaciliteiten, boerderijen en zelfs een vissersvloot. William Woods, een analist bij AllianceBernstein, een investeringsbank, heeft berekend dat de nieuwe eigenaren van Morrisons mogelijk activa ter waarde van meer dan £ 1,5 miljard moeten verkopen om het door private equity-investeerders verwachte rendement te behalen. Beide potentiële kopers hebben benadrukt dat ze de waarden van de supermarkt willen hooghouden en hebben geprobeerd suggesties af te weren om de eigendommen van het bedrijf te verkopen. Supermarkten leasen doorgaans onroerend goed, terwijl Morrisons nog steeds ongeveer 90% van zijn panden bezit. Er zijn ook zorgen dat een nieuwe eigenaar de belastingaanslag van de supermarkt kan verlagen, met offshore “shell”-bedrijven, die vóór de overname zijn opgericht.

Historie
Morrisons, gevestigd in Bradford, Noord-Engeland, begon in 1899 als handelaar in eieren en boter. Het bedrijf noteerde zijn aandelen in 1967 en is de op drie na grootste kruidenier van Groot-Brittannië, na marktleider Tesco, Sainsbury’s (SBRY.L) en Asda. De strijd om Morrisons is dit jaar de meest opvallende van een golf van biedingen op Britse bedrijven, wat een weerspiegeling is van de vraag van private equity naar kasstroomgenererende activa. Het Takeover Panel, dat het proces voor fusies en overnames in Groot-Brittannië regelt, ging naar een veiling omdat geen van beide bieders hun bod definitief heeft verklaard. De wedstrijd bestond ​​uit maximaal vijf ronden. In het eerste geval kunnen beide bieders hun bod verhogen. Als geen van beide het geval is, wint het bestaande overeengekomen bod van CD&R. Bij een hoger bod in de eerste ronde kan de andere bieder in drie volgende rondes zelf een bod uitbrengen. Als er dan nog geen winnaar is, mochten beide bieders in een vijfde en laatste ronde een verhoogd bod uitbrengen. Om een ​​gelijkspel te voorkomen moet een bod van Fortress in de vijfde ronde een “even” aantal pence hebben, terwijl CD&R een “oneven” aantal pence moet bieden.

Gebaseerd op Publicaties in NRC (juni en sept), Guardian, Reuters.com en @business desk

 BREAKING NEWS, zondag 3 oktober 2021

LONDEN, 3 oktober (Reuters) – Clayton, Dubilier & Rice (CD&R) heeft de veiling voor Morrisons (MRW.L) gewonnen met een bod van 7 miljard pond ($ 9,5 miljard), wat de weg vrijmaakt voor de Amerikaanse private equity-onderneming om de controle over te nemen van de op drie na grootste supermarktgroep van Groot-Brittannië. De raad van bestuur van Morrisons adviseerde CD&R’s bod van 287 pence per aandeel op zaterdag, uren nadat het bod had gewonnen van een consortium onder leiding van Softbank (9434.T), eigendom van Fortress Investment Group, dat een bod had gedaan ter waarde van slechts een cent minder per aandeel van 286 pence. De overwinning van CD&R markeert een triomfantelijke terugkeer naar de Britse supermarktsector voor Terry Leahy, de voormalige chief executive van de grootste Britse supermarktketen Tesco (TSCO.L), die een senior-adviseur is van CD&R. De Raad van Bestuur adviseerde aandeelhouders om te stemmen voor het bod van 287 pence per aandeel tijdens een vergadering, die gepland is op 19 oktober, en zei dat de private equity-groep had bevestigd, dat haar eerder uitgesproken intenties ten aanzien van Morrisons, ongewijzigd bleven. “Het laatste bod afgelopen zaterdag van CD&R vertegenwoordigt een uitstekende waarde voor aandeelhouders en beschermt tegelijkertijd het fundamentele karakter van Morrisons voor alle belanghebbenden”, zei Morrisons-voorzitter Andrew Higginson in een verklaring.

Als de aandeelhouders het bod goedkeuren, zou CD&R de overname tegen het einde van de maand kunnen afronden, waardoor Morrisons de tweede Britse supermarktketen in een jaar tijd is die door private equity wordt overgenomen, na een buy-out van no. 3-speler Asda, voltooid in februari. De overnamestrijd die sinds mei aan de gang is, is de meest opvallende van een reeks biedingen op Britse bedrijven dit jaar, wat een weerspiegeling is van de vraag van private equity naar kasstroomgenererende Britse activa. Het winnende bod van CD&R lag slechts marginaal boven het bod van 285 pence per aandeel dat al in augustus was aanbevolen. Het definitieve bod vertegenwoordigt een premie van 61% op de aandelenkoers van Morrisons voordat medio juni de publieke belangstelling voor de overname bekend werd.

Sommige analisten hebben gezegd dat de overwinnaar mogelijk activa, zoals fabrieken, magazijnen of winkels, moet verkopen om een ​​behoorlijk rendement te behalen. CD&R zou zijn 918 Motor Fuel Group (MFG)-brandstoftankstations kunnen combineren met de 339 die eigendom zijn van Morrisons, en zo Morrisons-supermarkten op de sites openen, maar dat kan kritisch worden bekeken door de mededingingsautoriteit. Leahy was tot 2011 14 jaar lang CEO van Tesco en wordt nu herenigd met Morrisons’ Potts en Higginson, twee van zijn naaste luitenants bij Tesco. Potts, die als 16-jarige vakkenvuller bij Tesco kwam werken, zal meer dan 10 miljoen pond verdienen met de verkoop van zijn Morrisons-aandelen aan CD&R. Chief operating officer Trevor Strain zal ongeveer 4 miljoen pond in zijn zak steken. Fortress wordt overgelaten om zijn wonden te likken en de kosten van de sage te overdenken. Uit, in juli gepubliceerde documenten, bleek dat Fortress naar verwachting bank- en advieskosten en kosten van 263,5 miljoen pond zou oplopen. In een verklaring zei Fortress: “Het VK blijft vanuit vele perspectieven een zeer aantrekkelijke investeringsomgeving, en we zullen doorgaan met het verkennen van mogelijkheden om sterke managementteams te helpen hun bedrijf te laten groeien en waarde op de lange termijn te creëren.” Sainsbury’s is de afgelopen maanden genoemd als een ander mogelijk doelwit voor private equity- en investeringsmaatschappijen. ($ 1 = 0,7383 pond)

Rapportage door Sarah Young en James Davey.  Reuters.com

Prof Dr Cor Molenaar

cor@cormolenaar.nl

 

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