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CD&R Gets Morrison Board Support for Raised $9.5 Billion Bid

  • Offer from private equity group raised to 285 pence a share
  • New proposal gives CD&R the upper hand over Fortress Group
Wm Morrison Supermarkets Plc Takeover Battle Heats Up
Photographer: Chris Ratcliffe/Bloomberg
Updated on

Clayton Dubilier & Rice LLC raised its offer for Wm Morrison Supermarkets Plc to 7 billion pounds ($9.5 billion) as the bidding war with Fortress Group to win control of Britain’s fourth-largest grocer intensifies. 

After weeks of speculation as to whether it would increase its offer, the U.S. private equity group offered to pay 285 pence a share for the Bradford, U.K.-based grocer. That’s above the 272 pence-a-share offer from the Fortress-led consortium and CD&R’s prior offer that was rejected by Morrison in June.