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Illustration: Sarah Grillo/Axios

Fortress Investment Group, backed by SoftBank, agreed to buy British supermarket chain Wm Morrison (LSE: MRW) for £6.3 billion.

The big picture: The move comes after Morrisons rejected a £5.5 billion offer from Clayton Dubilier & Rice, and just before Apollo Global Management confirmed that it's considering a rival bid.

Why it matters: This may be more about promises than price. Fortress says it would maintain the company's Bradford headquarters and doesn't plan to pursue material sale/leaseback transactions, all of which could appeal to British regulators who are increasingly wary of foreign buyout firms snapping up undervalued assets.

Details: Fortress' bid is being supported by Canada Pension Plan Investment Board and Koch Real Estate Investments.

The bottom line: "The latest private equity deal in the U.K. — the biggest in more than a decade — raises an awkward question for investors in the London stock market. How can the U.K.'s fourth-biggest supermarket chain be worth more to a consortium comprising Canadian pensioners and U.S. buyout and real-estate investors than to the home crowd? It looks like the starkest evidence yet of private investors exploiting the widespread aversion to U.K. stocks." — Chris Hughes, Bloomberg

Go deeper

Dan Primack, author of Pro Rata
Sep 13, 2021 - Economy & Business

CVC buys private equity firm Glendower Capital

Illustration: Sarah Grillo/Axios

CVC Capital Partners agreed to buy Glendower Capital, a London-based private equity secondaries firm that manages around €8 billion in capital commitments.

Why it matters: This highlights a major consolidation push in the private equity secondaries market, with at least five announced deals so far in 2021.

Biden rejects Trump's latest executive privilege claims

Photo: Jim Watson and Saul Loeb/AFP via Getty Images

The White House on Monday rejected two more of former President Trump's claims of executive privilege over documents that the House select committee investigating the Jan. 6 Capitol riot requested, CNN first reported.

Why it matters: Trump's legal team is seeking to block some of the panel's requests for records by invoking executive privilege, which can allow presidents and their aides to sidestep congressional scrutiny. The Biden administration has maintained that it will evaluate on a case-by-case basis.

Amazon warehouse workers in New York file petition to hold unionization vote

Amazon workers and their supporters rally outside the National Labor Relations Board's regional office in Brooklyn, New York City, after filing a petition requesting an election to form a union. Photo: Gabby Jones/Bloomberg via Getty Images

Amazon warehouse workers in New York City filed a petition on Monday with the National Labor Relations Board (NLRB) to hold a vote on unionization.

Why it matters: The move comes six months after an organizing effort was defeated at Amazon's distribution center in Alabama.