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Morrisons leaves London Stock Exchange after $ 7 billion buyout




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Sir Terry Leahy, former managing director of Britain’s biggest supermarket chain Tesco, right, with David Potts, CEO of Morrisons.

The grocer was at the center of a bidding war with US private equity firm Clayton, Dubilier & Rice (CD&R) which won a bid of nearly $ 7 billion.

The takeover received the green light from 99.2% of shareholders at a meeting last week.

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On Monday, Morrisons and CD&R announced that the court had sanctioned the plan of arrangement for the purchase of the company, which is now active.

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David Potts and Sir Terry Leahy with a statute of the late Sir Ken Morrison in the background.

Listing of Morrisons shares on the main market of the London Stock Exchange for listed securities was suspended from 7:30 a.m.

Morrisons announced that effective today, President Andrew Higginson, Rooney Anand, Susanne Given, Kevin Havelock, Lyssa McGowan and Jeremy Townsend have resigned and resigned from the Morrisons Board of Directors.

CEO David Potts, CFO Trevor Strain and Michael Gleeson will remain on the Morrisons board.

CD&R made a bid of nearly $ 7 billion, beating a competing bid from Softbank-owned Fortress Investment Group in an auction process earlier this month.

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David Potts with Sir Terry Leahy following the buyout of Morrisons for 7 billion.

The Stock Markets Panel, which governs M&A operations in the UK and hosted the auction, hosted the auction with Fortress offering 286 pence per Morrisons common share, while CD&R offering 287 pence.

CD&R’s victory marks a triumphant return to the UK grocery industry for Terry Leahy, the former managing director of Britain’s largest supermarket chain Tesco, who is a senior advisor to the company.

Sir Terry said: We are very pleased to have received shareholder approval and are excited about the opportunity that lies ahead.

Morrisons’ unique heritage, culture and operating model are key characteristics of the business and we will be very attentive to this during our tenure as owners.

We look forward to working with the Morrisons team, not only to preserve the company’s many strengths, but also to build on them, with innovation, capital and new technologies helping the business. to realize its full potential and to offer it to all its stakeholders.

Morrisons, based in Bradford, began as an egg and butter merchant in 1899. It was founded by William Morrison.

The company listed its shares in 1967 and is the fourth largest grocer in the UK after Tesco, Sainsburys and Asda.

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