Morrisons: US firm wins auction to take over supermarket chain

The private equity group offered 287p per Morrisons ordinary share, against a rival bid from Fortress, for 286p per share. CD&R's auction offer is slightly higher than the 285p-a-share offer that was recommended by Morrisons' board in August. In July, Morrisons turned down an offer worth £5.5bn from CD&R, saying it significantly undervalued the business. The founder, William Morrison's son, 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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