Morrisons has left the stock market after 54 years ahead of its £7 billion takeover by US private equity firm Clayton, Dubilier & Rice (CD&R).
Shares in the supermarket, which was set up in 1899 and listed in 1967, ceased trading yesterday.
Former Tesco boss Sir Terry Leahy is set to become Morrisons chairman.
READ MORE: Morrisons opens the doors to Kirkby’s first supermarket in over 40 years
“I knew Ken Morrison well and I understand the vision and values he built his business on,” he said.
The £7 billion takeover of Morrisons by CD&R was approved by shareholders last week.
The retailer confirmed that 99.2 per cent of the shareholder vote was in favour of the takeover.
“We remain confident that CD&R will be a responsible, thoughtful and careful owner of Morrisons and we will now move forward with the remaining steps in the acquisition process,” Morrisons said.
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2 Comments. Leave new
Yes the new parasitic owners will be taking all profit abroad and paying no UK corporation tax. Our wonderful government just let’s it happen, bleeding the country dry! George Osborne started the rot!
That’s the government for you rip off the hard work man and women need I say any more