PE bids for Morrisons to be settled in auction: Bloomberg

Morrisons has called for an auction to settle whether Fortress Investment Group or Clayton Dubilier & Rice acquires Britain’s fourth-largest grocer, Bloomberg reported.

Morrisons has called for an auction to settle whether Fortress Investment Group or Clayton Dubilier & Rice acquires Britain’s fourth-largest grocer, Bloomberg reported. The fight to control Morrison has been under way since June, when CD&R had made an initial approach. Since then, the grocer first recommended a 6.7 billion-pound ($9.2 billion) offer from Fortress, before switching to back a 7 billion-pound proposal from CD&R. The Fortress consortium includes Canada Pension Plan Investment Board, the Koch family and GIC.

Source: Bloomberg