LONDON: British supermarket group Morrisons has accepted an improved £7.0-billion counter-bid from US private equity firm Clayton, Dubilier & Rice, and withdrawn support for a lower offer from Softbank-owned Fortress.
The CD&R deal, worth the equivalent of $9.6 billion or 8.2 billion euros, is the latest twist in a months-long takeover tussle for ownership of Britain's fourth biggest supermarket group.
New York-based CD&R announced late Thursday that it had reached a deal with Morrisons management for an offer pitched at 285 pence per share, worth £9.7 billion including debt.
"The Morrisons board believes that the offer from CD&R represents good value for shareholders," said Morrisons chairman Andrew Higginson in the statement.
"CD&R have a strong record of developing, strengthening and growing the businesses that they invest in and they share our vision for Morrisons' future."
The new deal trumps a rival £6.7-billion bid, agreed earlier this month from an international consortium comprising Fortress, Canada Pension Plan Investment Board, Koch Real Estate and Singapore's sovereign wealth fund.
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