A USA private equity firm has won the auction for Morrisons UK
 

This has been
going on for some time.

Still a way to go.

[A USA private equity firm has won the
auction for British supermarket group
Morrisons with a £7bn bid.

Clayton, Dubilier & Rice (CD&R)
bid 287 pence per share.
Morrisons is Britain's fourth-biggest supermarket
by market share, after market leader
Tesco, Sainsbury's and Asda.
Based in Bradford, the business began
as an egg and butter merchant in 1899.
The battle for Morrisons is the most
high-profile among a spate of bids for
British companies this year,
reflecting private equity's appetite for
cash-generating assets.
The Takeover Panel, which governs the
process for M&A deals in Britain,
moved to an auction because neither
bidder had declared their offers final.]

[Morrisons' board, due to meet later,
is now expected to recommend
that shareholders accept the
new offer at their meeting on 19 October.
If shareholders approve the offer,
CD&R could complete its takeover
of Morrisons by the end of the month.]

https://news.sky.com/story/morrisons...arket-12423755



The End Result of all this
with be an Asset Stripping American Group
Wrecking UK Morrisons Supermarkets

Another British company in foreign hands. I have always shopped in Morrisons... but I intend to boycott them now.

[Labour and Lib Dems urge Morrisons owners to protect workers
Politicians say they will ensure the chain is not
heaped with debt and stripped of assets after £7.1bn takeover]

[Politicians from Labour and the Liberal Democrats
have signalled that they will be keeping
an eye on US private equity firm
Clayton, Dubilier & Rice (CD&R),
which over the weekend won a tense auction
with a rival suitor to take control
of the supermarket chain for £7.1bn.
“Morrisons is a much-loved British firm
which has been rooted in communities up
and down the country for over 100 years,”
Seema Malhotra, Labour MP and shadow minister
for business and consumers,
said. “The new owners must urgently deliver
binding assurances for workers,
pension fund holders and local people.”]



https://www.theguardian.com/business...rotect-workers