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Morrisons shareholders back CD&R’s $10 billion takeover -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: A customer carries a shopping bag outside a Morrisons supermarket in New Brighton, Britain, July 5, 2021. REUTERS/Phil Noble/File Photo

LONDON (Reuters) – Shareholders in British supermarket group Morrisons on Tuesday approved a 7 billion pound ($9.7 billion) agreed takeover offer from U.S. private equity firm Clayton, Dubilier & Rice (CD&R).

Morrisons said the requisite majorities of shareholders backed the deal at the meeting held both physically at its Bradford, northern England, headquarters and virtually.

CD&R, which has former Tesco (OTC:) boss Terry Leahy as a senior adviser, won an auction for Morrisons on Oct. 2, bidding a penny a share more than a consortium led by Softbank (OTC:) owned Fortress Investment Group.

CD&R’s winning bid of 287 pence a share represented a hefty 61% premium on Morrisons’ share price before takeover interest publicly emerged in mid-June.

The deal is now expected to complete on Oct. 27.

“We are very pleased to have received the approval of shareholders and are excited at the opportunity that lies ahead,” said Leahy.

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