The supermarket brand has agreed a £7bn takeover by US private equity group CD&R, in the latest round of fighting for control for the chain.
The company has confirmed that it has accepted an offer of 285p per share from the private equity firm that bettered an offer from rival suitor, Fortress. In June, CD&R’s original offer of 230p a share was rejected as it ‘significantly undervalued’ the retailer.
As part of the deal, CD&R has confirmed that the company’s head office can remain in Bradford. The investment company also said that it has no plans to sell off its valuable store estate to raise cash.
Morrisons Chairman Andrew Higginson said: “CD&R have a strong record of developing, strengthening and growing the businesses they invest in. This, together with the strong set of intentions they have set out today, gives the board confidence that CD&R will be a responsible, thoughtful and careful owner of an important British grocery business.”
