Morrisons’ shareholders have approved Clayton Dubilier & Rice’s £7bn takeover of the 122-year-old grocer.
The new owner has said it will be “mindful” of the supermarket’s heritage, culture and business model as it moves to end Morrisons 54 years as a public company.
In total, 99.24% of investors who voted supported the 287p-a-share deal, with 78.4% of all Morrisons shareholders voting. This means that the takeover will be completed on 26 October and shares in Morrisons will be delisted from the London Stock Exchange by 28 October.
The retailer has 500 stores and 19 food processing sites and owns 87% of its properties. CD&R has made assurances on the sale and leasebacks of stores, but these pledges only last for 12 months under Takeover Panel rules.
