Morrisons has approved a £ 6.3 billion takeover from a consortium that will result in the supermarket group being taken off the market.

The surprise announcement of the agreed cash offer by a consortium led by the American private company Equity house Fortress, owned by Majestic Wines, stunned the city on Saturday morning, outbidding a competing bid from private equity firm Clayton, Dubilier & Rice (CD&R).

Fortress has partnered with Canada Pension Plan and Cook Real Estate, operated by US billionaire Charles Koch, agreed to pay 252p for every Morrisons share – plus a dividend of 2p – more than CDR’s 230p offer.

Andrew Higginson, Chairman von Morrisons said the offer was a “fair and recommendable price” and stressed that the