CD&R wins $10 billion auction for UK supermarket Morrisons

Published by
Reuters

By James Davey and Sarah Young LONDON (Reuters) – Clayton, Dubilier & Rice (CD&R) has won the auction for Morrisons with a 7 billion pound ($9.5 billion) bid, paving the way for the U.S. private equity firm to take control of Britain’s fourth-biggest supermarket group. The Takeover Panel, which governs M&A deals in the UK and arranged the auction, said on Saturday CD&R had offered 287 pence a share, while a consortium led by the Softbank owned Fortress Investment Group offered 286 pence. CD&R’s victory marks a triumphant return to the UK grocery sector for Terry Leahy, the former chief executi…

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