LONDON–Clayton, Dubilier & Rice (CD&R) has won the auction for Morrisons with a 7 billion pound ($9.5 billion) bid, paving the way for the U.S. private equity firm to take control of Britain’s fourth-biggest supermarket group. The board of Morrisons recommended CD&R’s 287 pence per share bid on Saturday, hours after its bid beat a…
Morrisons’s Fate to Be Decided in $10 Billion Saturday Shootout
LONDON—The outcome of a $10 billion six-month battle to buy British supermarket chain Morrisons will be decided in a one-day auction on Saturday overseen by the Takeover Panel. The shoot out will pit U.S. private equity group Clayton, Dubilier and Rice (CD&R), whose 285 pence a share bid was recommended by Morrisons’ board in August,…
Morrisons Bidder CD&R Reaches Agreement With Pension Trustees
LONDON—Morrisons suitor Clayton Dubilier & Rice said it had reached an agreement with the pension trustees of the British supermarket chain to provide additional security and support to the schemes, as it seeks to clinch the deal ahead of a rival bidder. Morrisons is at the center of a bid battle between two U.S. private…
Profit at Bid Target Morrisons Falls 37 Percent on COVID-19 Hit
LONDON—British supermarket group Morrisons, at the centre of a bid battle between two U.S. private equity firms, on Thursday reported a 37.1 percent fall in first-half profit, hurt by COVID-19 costs and lost profit in cafes, fuel and food-to-go areas. The group, which trails market leader Tesco, Sainsbury’s and Asda in annual revenue, maintained its…
Bidding War Heats up at Morrisons With New £7 Billion Bid by US Private Equity Firm
U.S. private equity firm Clayton, Dubilier & Rice (CD&R) has announced a new £7 billion ($9.54 billion) bid for supermarket Morrisons. The deal has been unanimously accepted by the board of the grocer and directors have said shareholders should vote in favour of the takeover at a meeting due in early October. It means the…
Apollo Enters Takeover Battle for Britain’s Morrisons
LONDON—The $8.7 billion bid battle for Britain’s Morrisons intensified on Monday when a third private equity group entered the fray, sending the supermarket group’s share price racing ahead of the value of an offer it recommended on Saturday. New York-headquartered Apollo Global Management, which last year missed out on buying Morrisons rival Asda, said it…
Britain’s Morrisons Agrees $8.7 Billion Takeover by Fortress-Led Group
LONDON—Morrisons has agreed to a takeover led by SoftBank owned Fortress Investment Group that values Britain’s fourth-largest supermarket chain at £6.3 billion ($8.7 billion) and tops a rival offer from a U.S. private equity firm. The offer from Fortress, along with Canada Pension Plan Investment Board and Koch Real Estate Investments, exceeds a £5.52 billion…
Morrisons Becomes First UK Supermarket to Ban People Who Refuse Masks
Morrisons has become the first UK supermarket to explicitly ban people who refuse to wear a face-covering from entering their stores, unless medically exempt. The supermarket—the fourth-largest by market share in the country—did not indicate how medical exemptions will be identified or if they will need to be proven. Laws enacted in the spring state…
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