Morrisons exits stock market after 54 years
Morrisons has officially ceased trading as a publicly listed company on the stock market after 54 years.
The £7.1bn takeover by US private equity firm Clayton Dubilier & Rice (CD&R) was rubber-stamped by the High Court on Monday (25 October) following shareholders voting in favour of the deal earlier this month.
Shares in the supermarket was set up in 1899 and listed in 1967 when founder Morrison took the family business public.
Chairman Andy Higginson, who orchestrated the intense bidding war between CD&R and rival suitor Fortress Investment Group, and directors Rooney Anand, Susanne Given, Kevin Havelock, Lyssa McGowan and Jeremy Townsend, all tendered their resignations and stepped down from the board with immediate effect.
CEO David Potts, COO Trevor Strain and CFO Michael Gleeson will remain on the board, with CD&R yet to announce its own appointments. Senior advisor Terry Leahy is expected to be named chairman of the newly private group.
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