Fortress Investment Group is an asset and investment management firm headquartered in New York. Serving both 1800 institutional and private accredited investors, Fortress Investment Group has over $53 billion in assets under management. Fortress Investment Group sources and makes investments in private equity, credit, real estate, and permanent capital vehicles.
Since its founding in 1998, Fortress Investment Group has invested in, acquired, managed, operated, and sold hundreds of portfolio companies. Most recently, the New York firm has submitted a bid to acquire Morrisons, the fourth-largest supermarket chain in the United Kingdom. Fortress’ 6.7 billion pound or 9.1 billion dollars offer for the grocery chain at one point represented nearly a 51 percent premium to the British grocer’s market capitalization in mid-June.
Recently, however, Fortress was outbid by Clayton, Dubilier & Rice, a rival private equity firm also based in New York. One of the oldest firms in the private equity business, Clayton bid 7.0 billion pounds for Morrisons, trumping Fortress’ offer by over 300 million pounds.
Fortress Investment Group has advised current Morrisons Supermarket shareholders not to act on Clayton’s bid, urging them to “take no action” on the higher offer. A Fortress spokesperson has now said that the firm was “considering its options” after being outbid, though they would not comment on the firm’s next moves.
As a result, it remains to be seen which offer Morrisons’ stockholders will accept Clayton’s takeover offer, or if existing shareholders want to hold out for an even better deal from either firm. Refer to this page for additional information.