Shares in Morrisons rocketed to their highest level in more than two and half years today, on the news that the supermarket group is the target of a private equity takeover play.
The FTSE 250 group confirmed weekend press reports that it had rejected a 230p approach from Clayton, Dubilier & Rice, which would have valued the target at £5.5bn. The private equity group now has until 17 July to make a firm offer.
The company’s shares soared by more than a third, the biggest rise in the FTSE 350, to hit 240.2p – their highest since October 2018.
The news gave a lift to other supermarket groups, with Ocado and Sainsbury’s the top FTSE 100 risers.
The FTSE 100 closed up 0.6% at 7,062. The FTSE 250 also rose by 0.6%, ending the day at 22,457.
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