Morrisons’ rejection of £5.5bn offer may spark bidding war for grocer
The Guardian says an unsolicited £5.5bn private equity bid for Morrisons, swiftly rejected by the supermarket chain, could spark a bidding war for Britain’s fourth-biggest grocer and has raised concerns that other supermarket groups could be sold off to private equity.
On Saturday night Morrisons said it had rebuffed a preliminary takeover bid worth just over £5.5bn from the US firm Clayton, Dubilier & Rice (CD&R), which had offered to pay 230p a share in cash. Morrisons’ share price closed at 178.45p on Friday, valuing the company at £4.3bn.
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