The bid for Morrisons from CD&R of 287p per share trumped a takeover offer from rival suitor Fortress of 286p per share.
CD&R had submitted a bid in August for the Nutmeg clothing-owner after Morrions had previously recommended its investors accept a GBP6.7bn takeover bid from Fortress.
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In early July, Apollo Global Management weighed an offer for the UK supermarket days after Fortress, the owner of Majestic wine, put forward a bid of GBP6.3bn.
In accordance with auction rules CD&R and Fortress are no longer able to submit bids unless a third party announces a firm intention to make an offer for Morrisons.
Commenting on the CD&R Final Offer, Andrew Higginson, chair of Morrisons, said the CD&R offer “represents excellent value for shareholders while at the same time protecting the fundamental character of Morrisons for all stakeholders.
“CD&R have good retail experience, a strong record of developing and growing the businesses in which they invest, and they share our vision and ambition for Morrisons. We remain confident that CD&R will be a responsible, thoughtful and careful owner of an important British grocery business. Shareholders will now have the final say and, if the offer is approved, the Board is confident that Morrisons will continue to go from strength to strength under CD&R’s ownership.”
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By GlobalDataSir Terry Leahy, the former chief executive of Tesco, who is a senior adviser to CD&R, added: “We are gratified by the recommendation of the Morrisons Board and look forward to the shareholder vote to approve the transaction. We continue to believe that Morrisons is an excellent business, with a strong management team, a clear strategy, and good prospects.”
