Morrisons shares soar after rejecting £5.5bn takeover offer

Shares in supermarket group WM Morrison soared 35% at one point yesterday (Monday, 21 June) after the company rejected a £5.5bn takeover bid from a US private equity firm on the basis that it “significantly undervalued” the retailer.

Morrisons received an offer from Clayton, Dubilier & Rice (CD&R) of 230p per share and ended the day at 228p per share. In a statement released on 21 June, Morrisons said: "The board of Morrisons evaluated...