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The battle to take control of Morrisons supermarket has ended with the win for Clayton, Dubilier & Rice, or CD&R, an American private equity company. The bidding for the fourth largest chain of supermarkets in the United Kingdom was held recently, and the PEF firm won the auction with its almost $10 billion bid or around £7 billion.
According to Reuters, the win has paved the way for CD&R to take control of the Bradford, West Yorkshire, England, headquartered supermarket chain. The bidding took place on Saturday, Oct. 2, and the board of Morrisons reportedly recommended the private equity firm's 287 pence per share bid. The bid was said to have beaten a consortium led by Fortress Investment Group, which is owned by Softbank, which offered 286 pence.
"The UK remains a very attractive investment environment from many perspectives, and we will continue to explore opportunities to help strong management teams grow their businesses and create long-term value," Fortress Investment said after the result of the bidding was announced.
Moreover, it was said that CD&R's winning bid would also mark Terry Leahy's return to the grocery business in the U.K. He was said to have worked as chief executive of Tesco, which is Britain's biggest supermarket chain. He is currently a senior adviser to the PEF company.
"Today's final offer from CD&R represents excellent value for shareholders while at the same time protecting the fundamental character of Morrisons for all stakeholders," Andrew Higginson, Morrisons' chairman, said in a statement.
If the stakeholders accept the offer, CD&R may complete its takeover of Morrisons by the end of October. With this deal, the supermarket company will become the second chain in the U.K. to be acquired by a PEF company.
CNBC mentioned that the board is scheduled to hold a meeting this weekend. They are expected to make a recommendation to shareholders to agree with the new offer at the upcoming shareholders' meeting that was set for Oct. 19. Meanwhile, both Morrisons and CD&R have been contacted but could not issue an immediate comment regarding the result of the auction.
