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.