Debevoise Advises Clayton, Dubilier & Rice in Financing Aspects of its £7 Billion Recommended Cash Offer for Morrisons

20 August 2021

Debevoise & Plimpton LLP is advising Clayton, Dubilier & Rice (“CD&R”) in financing aspects of its £7 billion recommended cash offer for Wm Morrison Supermarkets PLC (“Morrisons”).

Under the terms of the CD&R offer, each Morrisons shareholder will be entitled to receive 285 pence in cash, which represents a premium of approximately 60% to the closing price on June 18, 2021, the last day before talks of a potential acquisition emerged. The offer values the entire issued and to be issued share capital of Morrisons at approximately £7.0 billion on a fully diluted basis, and implies an enterprise value of £9.7 billion.

For full details of the offer, see here.

The Debevoise team advising Morrisons is led by finance partners Alan Davies and Ryan Rafferty, and includes associates Isabella Cusano, Patrick Dixon, Anna Jones, Wesley Moore and Gregg Young. Tax advice for the financing is being provided by partners Matthew Saronson and Richard Ward, international counsel Patrick Fasoro, and associate Heather Atkins. Funds advice is being provided by partners Jonathan Adler and Jason Auerbach, associates Paul Laszlo and Jihyun Yoo, and corporate staff Attorney Sam Engutsamy.