LONDON — Supermarket chain Morrisons has agreed to a £6.3 billion ($8.7billion) takeover bid from a consortium of investment groups. Last month, the supermarket group turned down an offer worth £5.5 billion 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". The firm has nearly 500 shops and more than 110,000 staff in the UK. The offer, led by Softbank-owned Fortress, which has partnered with Canada Pension Plan Investment Board and Koch Real Estate Investments, will see shareholders receive 252p per share plus a 2p special dividend. The all cash offer is subject to shareholder approval. The offer represents a 42% premium on the Morrisons share price before it was announced that the supermarket had rejected a takeover proposal from New York-based firm Clayton Dubilier & Rice (CD&R) last month. Fortress has invested in grocery retail in both North America and Europe, and has invested in Majestic Wine in the UK. 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". Fortress"s bid is backed with funding by the Canada Pension Plan and Koch Real Estate Investments — part of Koch Industries. Labour"s shadow business minister Seema Malhotra said the government must closely scrutinize the takeover bid and called on ministers to work with the consortium to ensure "crucial commitments to protect the workforce and the pension scheme are legally binding, and met". The government said it was committed to "ensuring that the UK remains open for business, while protecting the livelihoods of British workers and investment in the UK". Workers union Unite said it wanted "unbreakable guarantees" on jobs and conditions or it would not cooperate with any sale. Unite"s national officer for road transport Adrian Jones, which represents Morrisons" warehouse and distribution workers, said the company was "unique among UK supermarkets" because it owns its supply chain. The message from Fortress and its partners is that this would be a long-term investment rather than precipitate dramatic change. It has made it clear it would support the existing strategy of Morrison"s management. Areas for development include the supermarket"s online offering. Fortress has also sought to pre-empt and assuage any concerns about the impact its takeover would have on the business, its workforce and supply chain. For example, supporting pay of at least £10 an hour, not changing the pension schemes, and not anticipating "material" store sale-and-leasebacks. The fact Morrisons owns most of its sites is perceived as a big draw. But still, Labour and the Unite union are demanding further guarantees. If this deal does come to fruition, it will shorten an already short list of the remaining publicly listed UK supermarkets. — Agencies