CD&R wins auction to acquire Morrisons
The race to buy Morrisons has finally come to an end with US private equity firm Clayton Dubilier & Rice winning an auction process with an offer amounting to nearly £7 billion.
The stock market’s Takeover Panel said the winning bid of 287 pence per ordinary share beat the bid of 286 pence per ordinary share offered by a Fortress led consortium.
Andrew Higginson, chairman of Morrisons, said: “Today’s final offer from CD&R represents excellent value for shareholders while at the same time protecting the fundamental character of Morrisons for all stakeholders
“CD&R have good retail experience, a strong record of developing and growing businesses in which they invest, and they share our vision and ambition for Morrisons.
“We remain confident that CD&R will be a responsible, thoughtful and careful owner of an important British grocery business.”
The final offer will now be voted on by Morrisons shareholders at a meeting due to be held on 19 October.
