Prospect of Morrisons bidding war recedes

The prospect of a bidding war for UK supermarket Morrisons has receded with the withdrawal of one potential suitor. US investment firm Apollo, which was considering making an offer, has now changed its mind. The supermarket group's directors are recommending acceptance. The takeover battle for Morrisons began last month, when New York private equity firm Clayton, Dubilier & Rice made a proposed £5.5bn bid, which was rejected. Last year, Apollo lost out on buying Asda, the UK's third-largest supermarket group, to the Issa brothers and TDR Capital.

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