Morrisons Takeover Battle Extended As CD&R Considers Higher Bid
Takeover regulators have extended the battle for UK supermarket chain Morrisons by an additional two weeks, allowing US suitor Clayton, Dubilier & Rice more time to make a bid.
Clayton, Dubilier & Rice (CD&R) now have until 5pm on August 20 to announce its offer for the UK supermarket chain or abandon the proposed takeover altogether. CD&R had previously made an offer of £5.5 billion but the offer was turned away by the Morrisons board. In June, the board said the bid of £5.5 billion significantly undervalued Morrisons and its future prospects.
Since June, a rival consortium led by private equity company Fortress has overtaken CD&R with a £6.3 billion bid for the UK supermarket chain. On Friday, this offer by Fortress was raised to £6.7 billion as Fortress attempted to deter CD&R from making another offer.
Originally, CD&R had until 5pm on August 9 to make an offer for Morrisons, however, this deadline has now been extended to August 20 by takeover regulators.
