Morrisons said on Saturday it has agreed a takeover offer from a new company owned by funds managed or advised by affiliates of Fortress Investment Group, which values the British supermarket group at 6.3 billion pounds ($8.7 billion).

Under the terms of the deal, Morrisons shareholders will receive 254 pence a share, comprising 252 pence in cash and a 2 pence cash dividend.

The offer exceeds the 5.52 billion pounds proposal from U.S. private equity firm equity firm Clayton, Dubilier & Rice (CD&R), which Morrisons rejected on June 19, saying it was far too low.

Read more/Source: Reuters