Supermarket giant Morrisons' plans to introduce non-executive directors onto its board have been thrown into doubt following intense competition from rivals Sainsbury and Wal-Mart over the planned purchase of fellow supermarket Safeway.
Link: Morrisons says no to non-execs
Morrisons, the only FTSE-100 listed company to have no non-execs on its board, announced last week that it had agreed an offer of shares with rival Safeway for the purchase of the company, then valued at around £2.9bn.
As part of this deal it stated it intended to ‘appoint non-execs as soon as practicable following completion of the merger’.
But earlier this week J Sainsbury made a cash and shares offer of around £3.2bn while Morrisons’ deal devalued as its share price fell. It is thought US retail giant Wal-Mart, which owns Asda, could also enter the fray. Morrisons refused to comment.
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