Morrisons rejected a € 5.5 billion takeover bid from a private equity firm, saying it would have significantly undervalued the company.
Private equity firm Clayton, Dubilier & Rice (CD&R) had previously said it was considering a possible cash offer for the supermarket chain.
Morrisons said it rejected a conditional CD&R cash offer of 230 pence per share, which is just over $ 5.5 billion.
Morrisons said: The Morrisons board has evaluated the conditional proposal with its financial advisor, Rothschild & Co, and unanimously concluded that the conditional proposal significantly undervalues Morrisons and its future prospects.
As a result, the board rejected the conditional proposal on June 17, 2021.
CD&R previously said in a statement that it takes note of press speculation regarding a potential transaction involving Morrisons and confirms that it is considering a possible cash offer for Morrisons issued and to be issued share capital.
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