CD&R, Fortress Will See £7B Morrisons Fight Head To Auction

By Benjamin Horney (September 8, 2021, 11:19 AM EDT) -- The roughly £7 billion ($9.5 billion) fight between Clayton Dubilier & Rice and Fortress Investment Group for British supermarket chain Morrisons is headed for a competitive auction that will be overseen by the U.K.'s regulatory panel responsible for mergers and acquisitions, the target said Wednesday.

The most recent offer for the Morrisons supermarket chain, made on Aug. 20 by Clayton Dubilier & Rice-led Market Bidco Ltd., is worth approximately £7 billion ($9.5 billion). (iStock) The saga is slated for auction because neither suitor has declared their proposal final, so either one could increase or revise their offer, meaning a "competitive situation continues...

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