US private equity firm CD&R to acquire UK supermarket Morrisons for US$9.5B

UK – U.S private equity firm Clayton, Dubilier & Rice (CD&R) is set to take control of Britain’s fourth-biggest supermarket group Morrisons after winning the auction for the retailer with a 7 billion pound ($9.5 billion) bid.   CD&R’s 287 pence per share bid narrowly beat the one made by a consortium led by Softbank (9434.T) owned Fortress Investment Group which had made an offer worth just a penny less per share at 286 pence.  Morrisons’ board recommended that shareholders vote in favor of the 287 pence per share offer at a meeting slated for Oct. 19, saying the…

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