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Fears are mounting that a private equity takeover of Morrisons, led by chief executive David Potts, could result in heavy job cuts and the dismantling of one of the UK s oldest grocers.
Legal & General s intervention comes as the grocer s board agreed over the weekend to a £6.3billion or 254p per share sale to a consortium of investors, led by New York-based private equity firm Fortress.
It followed the rejection of a rival 230p offer from rival buyout firm Clayton, Dubilier & Rice in June, while yesterday a third firm, Apollo, revealed it could bid for Morrisons as well.
Hopes of a bidding war sent the supermarket group s shares soaring by 11.6 per cent yesterday.
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