- Supermarket chain Morrisons said it had received and rejected a 'highly conditional non-binding proposal' £5.5 billion takeover proposal from funds managed by private equity group Clayton, Dubilier & Rice.

The company said the approach entailed a proposed cash offer of 230p per Morrisons share.

Morrisons said its board and financial adviser Rothschild concluded that the offer 'significantly undervalued' Morrisons and its future prospects.

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