With Morrisons Supermarket [LSE:MRW] shares priced above Fortress’s latest bid of 272p-per-share, can you still get in on the action?
Did you see Morrisons Supermarkets’ share price shoot up again on Friday in response to a fresh bid from the Fortress Investment Group? To recap, the latest 270-per-share (plus 2p special dividend) bid was 7% higher than the previous 254p-per-share bid that sent the shares higher at the start of the month. And to put this into perspective, the Morrisons share price is now more than 50% higher than where it sat in mid-June this year.
With the group now valued at almost £6.75 billion, can the share price be bid even higher, and can you still buy into any additional upside? It’s not impossible to imagine.
How & Where to Buy Morrisons Stock Today?
If you think the share price could go even higher, you can buy Morrisons supermarket shares via one of these brokers:
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What is Wm Morrisons Supermarkets PLC?
Wm Morrison Supermarkets PLC is mainly known for the UK supermarkets that bear the Morrisons name, of which there are almost 500 supplemented by nearly 60 Morrisons Daily kiosks and more than 300 petrol stations. The company is also a big manufacturer and distributor of fresh food, meat products, flowers, and plants. Morrisons was founded by William Morrison in 1899, in Bradford, United Kingdom.
Should I Buy Morrisons Stock Right Now?
Although the Morrisons board has indicated its backing for the latest Fortress bid, the fact that the share price already exceeds that bid suggests that investors expect the bidding battle yet to intensify. If you think there is still some potential upside (see the possible price target below) you should be buying into this buoyant stock.
Morrisons Price Target 2021
Although the Morrisons share price is already above the latest bid offer, it could yet be bid even higher, especially since it’s sitting below its 2011 peak price of more than 325p-per-share.