The battle to buy supermarket Morrisons has ended with private equity giant Clayton Dubilier & Rice (CD&R) outbidding Fortress in a dramatic auction process that ended after three months on Saturday (2 October), reports The Independent.
The stock market’s Takeover Panel said Fortress offered 286p per Morrisons ordinary share, while CD&R offered 287p – meaning its bid amounts to an offer of almost £7 billion.
The board of Morrisons agreed to recommend the offer to shareholders, who will vote on the deal on 19 October.
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 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.
“Shareholders will now have the final say and, if the offer is approved, the board is confident that Morrisons will continue to go from strength to strength under CD&R’s ownership.”