The takeover was finally given the green light by shareholders at a meeting on 19 October 2021, following CD&R’s successful bid at an auction earlier this month.
The Morrisons board backed CD&R’s £7.1bn bid, narrowly beating competitive offers from other private equity consortiums.
Recognising the significant role of Morrisons
CD&R has said it recognises the role Morrisons plays as British farming’s biggest direct customer, including the unique operational strength of its own integrated supply chain. CD&R has a well-established reputation in the UK, specifically focusing investments to accelerate growth, innovative and operational performance.
Recent other investments have led to double revenue growth of B&M Bargains through improvements to product, service, infrastructure and capacity.
Further detail on CD&R’s investment track record and their offer to takeover Morrisons can be found in the attached NFU briefing.
Committed to continued support for British farmers
Responding to the takeover, NFU President Minette Batters said: “We are pleased that the new owners of Morrisons, Clayton, Dubilier & Rice (CD&R), has publicly stated the significant role Morrisons plays as British farming’s biggest direct customer and have committed to continue to support British farmers and work with them to deliver on the business’ environmental commitments.
“Sourcing from British farms has long been part of Morrisons heritage, culture and strategic growth plans and it is reassuring that CD&R wishes to continue to uphold these core values. This includes a commitment to maintain payment terms for suppliers.”
Morrisons will no longer trade on stock exchange
Morrisons will now become a private company and will no longer trade on the London Stock Exchange.
The NFU will continue to monitor how this new ownership affects British farming and will be meeting Morrisons to understand the business plans further.
For more information download the member-only briefing CD and R takeover offer of Morrisons.