British supermarket group, Morrisons has rejected a proposed £5.52 billion ($7.62 billion) cash offer from US private equity firm, Clayton, Dubilier & Rice (CD&R).

The board of Bradford, northern England-based Morrisons revealed it rejected the proposal.

The Britain’s fourth largest grocer by sales after Tesco, Sainsbury’s and Asda stated that the offer is far too low and that it received the “unsolicited, highly conditional non-binding” proposal of 230 pence a share on Monday.

The group in a statement on Saturday said, “The board of Morrisons evaluated the conditional proposal together with its financial adviser, Rothschild & Co, and unanimously concluded that the conditional proposal significantly undervalued Morrisons and its future prospects”.

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