Wednesday, October 13, 2021 - 08:58

People in Gibraltar, who enjoy buying at Morrison’s, are keeping a close watch at what happens after Morrison’s takeover auction battle ended with £7bn bid from US private equity giant Clayton, Dubilier & Rice outbidding Fortress.

The stock market’s Takeover Panel said Fortress offered 286p per Morrison’s ordinary share, while CD&R offered 287p – meaning its bid amounts to an offer of almost £7 billion.
The final offer for the supermarket will now be voted on by shareholders on October 19.
The takeover saga has dragged on since CD&R first made an approach for the Bradford-based grocer back in June, leading to speculation the sector was ripe for private equity takeovers.
Following the initial bid, rival Softbank-backed Fortress made an offer of £6.3 billion in July.