Morrisons bosses are set to scoop a jackpot of almost £40m after accepting a £7bn takeover bid from Clayton, Dubilier & Rice.
Morrisons was founded as a market stall in Bradford by William Morrison, whose son Sir Ken transformed it into a national grocer within 50 years.
The US private equity giant, which is being advised on the deal by Sir Terry Leahy, offered to pay 285p per share for the supermarket group.
This trumped an earlier £6.7bn agreement with Fortress – a private firm owned by the Japanese investment group Softbank.
The deal will land Morrisons’ top dogs tens of millions of pounds.
Chief executive David Potts could make around £22m alone from the sale. The 64-year-old has led the company since 2015.
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The amount he will take home depends on whether shares he has been allocated under bonus schemes are paid out – but this is almost always the case during takeovers.
Operations chief Trevor Strain is in line for almost £13m, while finance boss Michael Gleeson could make around £4m.
Chairman Andy Higginson is set for a much cooler £350,000 or so as chairmen are not typically paid in shares and do not accrue stock through bonus schemes.
CD&R unveiled its bid late last night – ahead of a 5pm deadline today to put forward a final offer. But Fortress later came out and said it was considering what to do next. This could see it table an even bigger deal – or drop out of the running entirely.
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