LONDON, July 29 (Reuters) - British money manager M&G has said that a proposed private equity takeover of British supermarket chain Morrisons does not reflect the true value of the company. Morrisons this month agreed to a takeover led by SoftBank Group Corp-owned Fortress, which valued Britain’s fourth-largest supermarket chain at about 6.3 billion pounds ($8.80 billion), which topped a rival offer from Apollo. Rupert Krefting, head of corporate finance and stewardship at M&G, which owns a 1.08% stake in Morrisons, said in an emailed statement that Fortress’s proposals could be achieved by the supermarket chain while remaining in public ownership. ($1 = 0.7160 pounds) (Reporting by Abhinav Ramnarayan. Editing by Jane Merriman) Our Standards: The Thomson Reuters Trust Principles.