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…

Read More

Morrisons takeover bid heats up as private equity firm CD&R sweetens offer to US$9.54Bn

UK – The private equity bidding war for UK’s fourth largest supermarket chain Morrisons has taken a new twist after the retailer announced that it has agreed to a takeover offer worth £7 billion (US$9.54bn) from US private equity firm Clayton, Dubilier & Rice (CD&R).  Founded in 1899 by William Morrison, Morrisons has expanded from a humble egg and butter stall in Rawson Market, Bradford to a retail behemoth with over 494 stores and 110,000 employees in the UK.  The agreement with CD&R sees Morrisons drop its recommendation of a lower bid from a US…

Read More

Apollo Global enters race to buy UK’s fourth largest supermarket chain Morrisons

UK – Global alternative investment management firm, Apollo Global Management, has joined the race to acquire UK’s fourth largest supermarket chain, Morrisons.  Apollo Global’s purchase bid comes just days after Morrisons accepted a £6.3 billion (US$8.7 billion) takeover bid by a consortium led by the Fortress Investment Group.   The consortium of investors targeting the acquisition also includes Canada Pension Plan Investment Board and Koch Real Estate Investments, the vehicle of the US billionaire Charles Koch. Founded in 1889 as an egg and butter stall in Rawson Market, Morrisons has expanded…

Read More