Morrisons' share price soars 30% on takeover offer

Morrison's share price has jumped by more than 30% after a US private equity firm made an offer to buy the supermarket group for £5.5bn.The supermarket group's shares rose to 234.73p on Monday, just above the price proposed by Clayton Dubilier & Rice.Morrisons' board has rejected the offer, saying it "Significantly undervalued" the business "And its future prospects". Morrisons has had a relationship with Amazon since 2016 where the supermarket sells fresh produce and food through its site. Amazon owns the US supermarket chain Whole Foods, which also has seven outlets in the London. Under UK takeover rules it has until 17 July to announce a firm intention to bid or walk away. In addition to the cash offer, CD&R would take on Morrisons' £3.2bn of debt, taking the total value of any deal to almost £9bn.A successful bid by CD&R for Morrisons would see a second UK supermarket being bought out by a private equity firm.

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