A US private equity firm has won an auction for British supermarket group Morrisons, the Takeover Panel which oversees merger and acquisition deals
The panel said Clayton, Dubilier & Rice bid 287 pence per share, beating private equity giant Fortress, which bid 286 pence, the panel announced in a short statement.Shareholders will have the final say on whether to accept the offer on October 19.
The auction was held because neither Clayton, Dubilier & Rice or Softbank-owned Fortress lodged a final offer on their earlier bids. "We remain confident that CD&R will be a responsible, thoughtful and careful owner of an important British grocery business."
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