Critically discuss the chain of events that took place in the bidding process, starting with the first bid by CD&R and ending with the eventual conclusion of the deal. What companies were involved, how did Morrison's major shareholders react to events and why was there a bidding war?

Clayton, Dubilier & Rice (CD&R) won the auction for the British supermarket Morrisons with a bid of 7 billion ($9.5 billion). Clayton, Dubilier & Rice (CD&R) has won an auction for the British grocer Morrisons with a bid of 7 billion ($9.5 billion). Terry Leahy, the former CEO of Tesco and a senior adviser to CD&R, is making a return to the UK grocery sector. The takeover saga has dragged on since June, with two US-based investment groups vying for control.

5. How did Morrison share price change in response to each event in Q4? Why? Discuss how target company's share prices usually react to takeover bids and why, how they react to bidders withdrawing their offers and why. Include academic empirical evidence in your discussion. Please note that all sources (academic articles, books, ft and other news articles) need to be referenced properly. 5. How did Morrison share price change in response to each event in Q4? Why? Discuss how target company's share prices usually react to takeover bids and why, how they react to bidders withdrawing their offers and why. Include academic empirical evidence in your discussion. Please note that all sources (academic articles, books, ft and other news articles) need to be referenced properly