A consortium led by U.S. buyout firm Clayton, Dubilier & Rice is set to win the bidding war for U.K. grocery chain Wm Morrison Supermarkets PLC, an almost $9.4 billion bet that highlights the extreme lengths private-equity firms are willing to go amid a global deal frenzy.
The CD&R-led group emerged as the frontrunner after outbidding SoftBank Group Corp.’s Fortress Investment Group LLC and its partners in an unusual one-day auction held Saturday to decide the victor. The U.K. Takeover Panel, a government arm that oversees dealmaking in the country, held the contest to end a monthslong standoff fueled by increased offers by each side.
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Source:" WSJ "