Britain’s Morrisons agrees to CD&R’s $9.54 billion takeover offer By Reuters
By James Davey LONDON (Reuters) -British supermarket Morrisons has agreed a takeover offer worth 7.0 billion pounds ($9.54 billion) from U.S. private equity group Clayton, Dubilier & Rice (CD&R), dropping its recommendation of a lower bid from a consortium led by Fortress Investment Group. Morrisons, which started out as an egg and butter merchant in 1899, said CD&R's offer is worth 285 pence a share, trumping a 272 pence a share offer, worth 6.7 billion pounds, from the consortium led by Softbank-owned Fortress. CD&R's offer gives the supermarket chain an enterprise value of 9.7 billion pounds...
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