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21 Jun 2021 | 07:01

Morrisons rejects £5.5bn bid from US private equity firm

(Sharecast News) - UK supermarket chain Morrisons said it had rejected an unsolicited £5.5bn bid over the weekend from the US private equity firm Clayton, Dubilier & Rice, 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.

The Morrisons board said the offer "significantly undervalued" the firm and its future prospects.
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