Deal for British supermarket chain shows private-equity firms are ready to go global for deals
The winning bid represented a 61% increase in value from where Morrison’s shares traded before news of the bid was revealed.
Based in New York and London, CD&R, which has partnered with US buyout firm Ares Management Corporation
and Goldman Sachs Group Inc. An investment arm of the company is paying £2.87 per share, or the equivalent of $3.90 per share. This topped an offer of £2.86 per share by Fortress, according to a release from the takeover panel.
Morrisons, as it is known by British shoppers, operates 497 supermarkets with a network of cafes, and gas stations and convenience-store outlets. The retailer also has a wholesale operation that includes supplying groceries to Amazon.com. Inc. NS
Prime Now and other online delivery services available in the UK.
Representatives for CD&R and Fort could not immediately be contacted for comment.
Ben Dummett [email protected] . Feather