The board of Morrisons has accepted a new £7 billion bid from the US private equity firm Clayton, Dubilier & Rice.
The 285p-a-share cash bid from CD&R was announced last night and gazumps a previous bid from the Fortress-led consortium worth 270p-a-share plus a 2p dividend.
Andy Higginson, Morrisons’ chairman, said: “The Morrisons board believes that the offer from CD&R represents good value for shareholders while at the same time protecting the fundamental character of Morrisons for all stakeholders.”