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.
