U.S. private equity group Clayton, Dubilier & Rice has taken over Morrisons, Britain’s fourth largest grocer. The chain’s shareholders voted in favour of CD&R’s £7.1 bn takeover offer during the general meeting at the end of October.
CD&R had been in a monthslong bidding war for the retailer with fellow American investor Fortress Investment Group. The City’s Takeover Panel, which governs M&A deals in the UK, stepped in and arranged a one-day auction to decide a winner. CD&R came out on top with a 1 pence higher bid per share.
Sir Terry Leahy, senior advisor at CD&R and former chief executive of Tesco, is set to become chairman of the board of the newly private group Morrisons.