Britain's Morrisons says rejected CD&R takeover proposal

LONDON - 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."