 "Morrisons")
British supermarket group Morrisons has rejected a proposed 5.52 billion pound ($7.62 billion) cash offer from US private equity firm Clayton, Dubilier & Rice (CD&R), saying it is far too low.
Britain’s fourth largest grocer by sales after Tesco, Sainsbury’s and Asda, said it received the “unsolicited, highly conditional non-binding” proposal of 230 pence a share on Monday.
The board of Bradford, northern England-based Morrisons rejected the proposal on Thursday.
“The board of Morrisons evaluated the conditional proposal together with its financial adviser, Rothschild & Co, and unanimously concluded that the conditional proposal significantly undervalued Morrisons and
Britain’s fourth largest grocer by sales after Tesco, Sainsbury’s and Asda, said it received the “unsolicited, highly conditional non-binding” proposal of 230 pence a share on Monday.
The board of Bradford, northern England-based Morrisons rejected the proposal on Thursday.
“The board of Morrisons evaluated the conditional proposal together with its financial adviser, Rothschild & Co, and unanimously concluded that the conditional proposal significantly undervalued Morrisons and
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