We Just Read: Morrisons: US firm wins auction to take over supermarket chain
A US private equity group is poised to take control of the UK’s fourth-largest supermarket group.
Clayton, Dubilier & Rice (CD&R) has won an auction for the British supermarket Morrisons with a £7bn ($9.5bn) bid.
CD&R’s victory was announced by the stock market’s Takeover Panel on Saturday. The private equity group offered 287p per Morrisons ordinary share, against a rival bid from Fortress, for 286p per share.
The board, which will meet on Saturday, is now expected to recommend shareholders accept the new offer at a meeting set for 19 October.
If the bid is approved by shareholders, CD&R will take over Morrisons by November.
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