Morrisons was putting together a ‘scheme of arrangement’ sanctioned by the courts to fast-track its bid for Safeway as The Grocer went to press.
The deal, likely to be outlined in Morrisons’ Christmas trading statement, would enable Safeway shareholders to vote on Morrisons’ latest offer at an extraordinary general meeting - expected in the second week in February. This would save an estimated £15m in stamp duty and mean the bid is likely to be completed in early March.
Assuming Morrisons could arrange a court hearing, it would then send out its offer document to shareholders.