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Morrisons’ board changed its recommendation last night and backed a £7 billion takeover deal by Clayton Dubilier & Rice after the private equity firm outplayed rival Fortress with a cash offer of 285p per share and pledged to support the grocery business model.
The bid from CD&R values Morrisons at £9.7 billion including debt and was funded by equity from the US company’s latest fund and other alternative investors Ares and West Street Strategic Solutions, as well as debt from Goldman Sachs, BNP Paribas, Bank of America and Bank of America. Mizuho.
Andy Higginson, Morrisons Chairman, said the offering “represents good value for shareholders while at the same time protecting the core character of Morrisons for all stakeholders.” The highest bid, which is 60 percent
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