US private equity firm wins auction for Britain’s Morrisons

0
131

LONDON (AP) — An American private equity group saw off a rival to narrowly win the battle to buy British supermarket chain Morrisons following a dramatic auction for the company. Britain’s Takeover Panel said Saturday that New York-based Clayton, Dubilier & Rice (CD&R)  offered 287 pence for each Morrisons share, just a penny more than the offer from Fortress, which is backed by Japanese bank Softbank. The winning offer values Morrisons at almost 7 billion pounds ($9.5 billion) and will be voted on by shareholders on Oct. 19. Morrisons is Britain’s fourth-largest food retailer, employing about 110,000 people in nearly 500 stores and over 300 gas stations.

The post US private equity firm wins auction for Britain’s Morrisons appeared first on WEEK.

LEAVE A REPLY

Please enter your comment!
Please enter your name here