Private Equity

Clayton, Dubilier & Rice win bidding war for Morrisons

A consortium led by US buyout firm Clayton, Dubilier & Rice won the bidding war for UK grocery chain Wm Morrison Supermarkets, an almost $9.4bn 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 front-runner after outbidding SoftBank Group’s Fortress Investment Group LLC and its partners in an unusual one-day auction held on 2 October to decide the victor. The UK Takeover Panel, a government arm that oversees deal-making in the country, held the contest to end a months-long standoff fueled by increased offers by each side.

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JPMorgan Is Revamping Its Bank for the Superrich to Cater to Global ClienteleExternal link

JPMorgan Is Revamping Its Bank for the Superrich to Cater to Global Clientele