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LONDON, June 21 (Reuters) - Shares in Morrisons
opened up 30% on Monday on hopes private equity firm Clayton,
Dubilier & Rice (CD&R) might raise its proposed offer for the
British supermarket group or flush out interest from other
possible suitors.
On Saturday Morrisons, Britain's fourth largest grocer by
sales after market leader Tesco, Sainsbury's
and Asda, said it had rejected a proposed 230 pence a share cash
offer worth 5.52 billion pounds from CD&R, saying it
"significantly undervalued" the group and its future prospects.
Morrisons' shares were up 54.75 pence at 233.55 pence at
0711 GMT.
Under British takeover rules CD&R has until July 17 to
announce a firm intention to make an offer. Shares in Tesco were
up 2.6%, while Sainsbury's was up 4.5% on hopes the whole sector
could now be in play.
(Reporting by James Davey; editing by Michael Holden)
