Battle to buy Morrisons comes to a head today
PRIVATE equity giant Clayton Dubilier & Rice has until 5pm today to either raise its bid for supermarket giant Morrisons or lose out to rival Fortress.
Earlier this month, deals referee The Takeover Panel extended the deadline for CDR to trump the Fortress consortium’s £6.7billion or 272p per share bid.
That runs out today. If CDR fails to raise its offer, Fortress will be all set to acquire Morrisons as the board has accepted its offer.
CDR began the battle in June when it lodged its £5.5billion offer, which values the high street stalwart at 230p per share. In July it was trumped by £6.3billion from Fortress, which raised it again in August. CDR has been weighing its options.
Fortress includes Canada Pension Plan, US property group Koch and GIC, the Singapore wealth fund.