BREAKING: Morrisons has new owner after US firm outbids rival at auction
A buyer for the supermarket chain Morrisons has finally been chosen after a months-long takeover saga.
The Takeover Panel, which governs these sorts of 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 offered 286 pence. CD&R’s auction offer is only slightly higher than the 285 pence a share offer that was recommended by Morrisons’ board in August.
If shareholders approve the offer CD&R could complete its takeover of Morrisons by the end of the month, the second UK supermarket chain in a year to be acquired by private equity after a buyout of Asda completed in February.They have also stressed that they do not plan to sell off vast swathes of the company’s stores.
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