Morrisons shares have jumped after the bidding war for the supermarket heated up with a £7 billion bid from US private equity firm Clayton Dubilier & Rice (CD&R). The investment giant announced late on Thursday evening that a deal to buy the Bradford-based retailer has been unanimously agreed by the listed firm's board. Morrisons directors have advised that shareholders back the latest offer, which values the business at 285p per share. Shares in the company leapt by more than 4% to 291p in early trading on Monday, suggesting that investors expect the bidding war is likely to continue and a more expensive deal could be struck. The supermarket chain had previously been set for a £6.7 billion takeover by a consortium led by another US private equity firm, Fortress, which owns UK wine retailer Majestic. Recommended AO World shares plunge on peak trading woes and annual profit warning Ofgem ends energy competition probe after PayPoint agrees £12.5m payment Pets at Home continues to benefit from booming ownership as profits hit £70m The retailer confirmed on Thursday that this agreement has now been withdrawn. Oppidum Bidco – the name of the Fortress-led group – said it is now "considering its options"… Read full this story
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