CD&R beats Fortress in fight for Morrison

New owner: A woman walks past a Morrisons supermarket in east London. CD&R has topped Fortress’s 286 pence (RM16.17)-a-share offer for Morrison in an auction run by the Takeover Panel. — AFP

LONDON: Clayton Dubilier & Rice LLC (CD&R) won a months-long battle for WM Morrison Supermarket Plc, beating out private-equity rival Fortress Investment Group in a rare auction with a knockout £7bil (US$9.5bil or RM39.7bil) offer for Britain’s fourth-largest grocer.

The final offer of 287 pence (RM16.23) a share “represents excellent value for shareholders while at the same time protecting the fundamental character of Morrisons for all stakeholders,” chairman Andrew Higginson said in a statement.