Supermarket chain Morrisons has accepted a £6.3bn takeover bid by a US investment group led by the owner of Majestic Wines.
Last month, the supermarket group turned down an offer from a different firm, saying it had significantly undervalued the business.
Morrisons chairman, Andrew Higginson, said the new offer was fair, and the chain would “continue to prosper”.
Morrisons has nearly 500 shops and employs about 118,000 people in the UK.
The takeover is led by US private equity group Fortress Investment Group.
Under the terms of the deal shareholders will receive 254p per share – which Morrisons said was a 42% premium on its share price before the offer period – brought about with the disclosure of the rejected offer.
The UK’s fourth largest supermarket group turned down the bid worth £5.5bn from Clayton Dublier & Rice in June.
Mr Higginson said the supermarket’s “performance through the pandemic” had improved its standing and enabled it to enter discussions with Fortress from “a hard-won position of strength”.
He said it was clear to the supermarket’s directors that Fortress had a “full understanding and appreciation of the fundamental character of Morrisons”.
Joshua A Pack, managing partner at Fortress, said the group was committed to being “good stewards of Morrisons”.
“The shift towards online grocery shopping, the growth of rapid delivery and the crossover with the takeaway market presents lucrative opportunities if the transition of ownership becomes seamless.”
For the year ending 31 January 2021 Morrisons reported revenues of £17.6bn and pre-tax profits of £431m.
