Morrisons plans to seek court approval next week, as it bids for a fast-track completion of its £3billion bid for Safeway.
The supermarket's lawyers plan to seek court approval on January 15, which will enable it to launch a scheme-of-arrangement bid. This scheme means that the company will need to secure approval from just 75 per cent of shareholders. Whereas a normal bid process requires 90 per cent of shareholders to accept the offer.
Morrisons will also save as much as £15 million in stamp duties by structuring the deal as a scheme-of-arrangement rather than a straightforward takeover. If the process is approved Morrisons will post documents to shareholders on January 20.
The documents will inform Safeway shareholders about a special court meeting and extraordinary general meeting required by the scheme-of-arrangement and is expected to be held in early February. Morrisons is hoping to take final control of Safeway in mid-March.
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