Morrisons has confirmed that its shareholders have approved its £7bn takeover by CD&R Bidco in a meeting held this week.
Morrisons had previously declined an offer worth £5.5bn by the firm back in July stating that it “undervalued the business significantly”.
In the latest shareholders meeting, the renewed deal gained approval from 99.2% of shares voted, surpassing the required target of 75%.
Andrew Higginson, chair of Morrisons, said: “We thank shareholders for the strong support received at today’s meetings. 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.”
Sir Terry Leahy, senior adviser to CD&R funds, added: “We are very pleased to have received the approval of shareholders and are excited at the opportunity that lies ahead. The particular heritage, culture and operating model of Morrisons are key features of the company and we will be very mindful of these during our tenure as owners.
“We very much look forward to working with the Morrisons team, not just to preserve the company’s many strengths – but to build on these, with innovation, capital and new technology – helping the business realise its full potential and delivering for all of its stakeholders.”
The deal is expected to be completed on 27 October.