US firm CD&R wins $10 bn auction for UK’S Morrisons

Clayton Dubilier & Rice LLC won a months-long battle for WM Morrison Supermarket Plc, beating out private-equity rival Fortress Investment Group in a rare auction with a knockout $9.5 billion offer for Britain’s fourth-largest grocer. CD&R’S victory clears the path for what will be Britain’s biggest take-private deal in more than a decade, according to the data compiled by Bloomberg. Morrison attracted intense buyout activity, with bidders drawn to a well-run and highly cash-generative business with a real estate portfolio of nearly 500 stores across Britain.