© Reuters. FILE PHOTO: A Morrisons store is pictured in St Albans, Britain, September 10, 2020. REUTERS/Peter Cziborra/File Photo

LONDON (Reuters) – British supermarket group Morrisons has rejected a proposed cash offer of 230 pence a share from private equity firm Clayton, Dubilier & Rice (CD&R), it said on Saturday.

Morrisons said the “unsolicited highly conditional non-binding proposal”, which was received on June 14, “significantly undervalued Morrisons and its future prospects.”

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