Morrisons sale: US firm CD&R wins £7bn auction for supermarket
by Kalyeena Makortoff from on (#5Q8P2)
Private equity business narrowly beats rival Fortress with offer that rises to 9.97bn when including debt
The US private equity firm Clayton, Dubilier & Rice (CD&R) is set to become the new owner of Morrisons after the grocer's board backed its 7.1bn bid for the supermarket chain following a tense auction with a rival suitor.
The 287p a share bid narrowly beat the 286p offer by a consortium led by Softbank-owned Fortress Investment Group on Saturday, in a showdown to settle Morrisons' future.
Continue reading...