US private equity firm wins auction for Britain’s Morrisons

By PAN PYLAS
Associated Press

LONDON (AP) — An American private equity group has narrowly won the battle to buy British supermarket chain Morrisons following a dramatic auction for the company. Britain’s Takeover Panel said Saturday that New York-based Clayton, Dubilier & Rice (CD&R)  offered 287 pence for each Morrisons share, just a penny more than the offer from Fortress, which is backed by Japanese bank Softbank. The winning offer values Morrisons at almost 7 billion pounds ($9.5 billion) and will be voted on by shareholders on Oct. 19. Morrisons is Britain’s fourth-largest food retailer, employing about 110,000 people in nearly 500 stores and over 300 gas stations.