American private equity buyout barons Clayton Dubilier & Rice are poised to acquire Morrisons (LON: MRW) after outbidding rivals Fortress.
Over the weekend it was reported that CD&R had won a bid auction for the supermarket group with a £7 billion offer.
The stock market’s Takeover Panel said Fortress offered 286p per Morrisons ordinary share, while CD&R offered 287p.
Morrisons board of directors will now present the offer to shareholders at a meeting scheduled for 19 October.
If the bid is approved by shareholders, Clayton Dubilier & Rice will officially take over Morrisons by November.
Morrisons is Britain’s fourth-biggest supermarket by market share, after Tesco, Sainsbury’s and Asda.
Based in Bradford, the business began as an egg and butter merchant in 1899.