US private equity group Clayton, Dubilier & Rice (CD&R) has won an auction for the UK supermarket chains Morrisons with a £7bn bid.
The win was revealed by the Takeover Panel on Saturday. CD&R offered 287p a share, against a rival bid from Fortress, for 286p per share.
Morrisons chair Andrew Higginson said the 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 the 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.”
