A US private equity group is poised to take control of the UK's fourth-largest supermarket group.
Clayton, Dubilier & Rice (CD&R) has won an auction for the British supermarket Morrisons with a £7bn ($9.5bn) bid.
It marks a return to the UK grocery sector for Terry Leahy, the former chief executive of Tesco, who is a senior adviser to CD&R.
The takeover saga has dragged on since June amid fierce competition from two US-based investment groups.
CD&R's victory was announced by the stock market's Takeover Panel on Saturday. The private equity group offered 287p per Morrisons ordinary share, against a rival bid from Fortress, for 286p per share.
CD&R's auction offer is slightly higher than the 285p-a-share offer that was recommended by Morrisons' board in August. In July, Morrisons turned down an offer worth £5.5bn from CD&R, saying it significantly undervalued the business.
The board, which will meet on Saturday, is now expected to recommend shareholders accept the new offer at a meeting set for 19 October.
If the bid is approved by shareholders, CD&R will take over Morrisons by November.