Oct 19, 2021

Morrisons: Shareholders approve £7bn takeover deal

Shareholders in the supermarket chain Morrisons have approved a £7bn takeover offer from a US private equity group. The CD&R private equity group won the auction early in October with an offer of 287p per Morrisons ordinary share, against a rival bid from Fortress, for 286p per share. On Tuesday, Sir Terry said: "We are very pleased to have received the approval of shareholders and are excited at the opportunity that lies ahead."The particular heritage, culture and operating model of Morrisons are key features of the company and we will be very mindful of these during our tenure as owners."We very much look forward to working with the Morrisons team, not just to preserve the company's many strengths - but to build on these, with innovation, capital and new technology - helping the business realise its full potential and delivering for all of its stakeholders. The son of founder William Morrison's, the late Sir Ken Morrison, ran the business for 50 years. Previously, CD&R said it recognised Morrisons' "history and culture, and considers that this strong heritage is core to Morrisons and its approach to grocery retailing".

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