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U.S. private equity firm Clayton, Dubilier & Rice (CD&R) is set to push ahead with its pursuit of British supermarket chain Morrisons despite its initial offer being rejected, the Financial Times reported on Sunday.
CD&R now plans to wait to gauge investor reaction and signs of any political pushback before deciding on its next steps, the newspaper reported, citing people familiar with the discussions.
Morrisons had rejected a proposed 5.52 billion pound ($7.62 billion) cash offer from CD&R on Saturday, saying it was far too low. (Reporting by Ann Maria Shibu in Bengaluru; Editing by Edmund Blair)