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 the conditional proposal together with its financial adviser, Rothschild & Co, and unanimously concluded that the conditional proposal significantly undervalued Morrisons and its future prospects. Accordingly, the board rejected the conditional proposal on 17 June 2021." Market Movers Blog: Central banks consider riskier assets amid low bond yields - reports Legal & General Inves...
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