CD&R Bests Fortress With £7B Bid At Auction For UK Grocer
By Benjamin Horney (October 2, 2021, 9:23 AM EDT) -- Clayton Dubilier & Rice outbid competing suitor Fortress Investment Group with a roughly £7 billion ($9.5 billion) offer in a Saturday auction, capping off a bidding war over the British supermarket chain and leaving it up to the target's board to select its preferred acquirer.
The U.K.'s Panel on Takeovers and Mergers, which oversees deals involving U.K.-traded companies, said that in the single-day auction, CD&R-affiliated Market Bidco Ltd.'s final offer was valued at 287 pence per share, while Fortress-affiliated Oppidum Bidco Ltd. topped out at 286 pence per share.
The board of directors for Wm Morrison Supermarkets PLC must still make a recommendation...
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