Morrisons supermarket has agreed to a £6.3 billion takeover bid from a consortium of investment groups.

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.

In the US, Fortress has invested in the grocery industry, petrol forecourt stations and retail and restaurants.

Andrew Higginson, chairman of Morrisons, said: “The Morrisons directors believe that the offer represents a fair and recommendable price for shareholders which recognises Morrisons’ future prospects.

“Morrisons is an outstanding business and our performance through the pandemic has further improved our standing and enabled us to enter the discussions with Fortress from a hard-won position of strength.

“We have looked very carefully at Fortress’ approach, their plans for the business and their overall suitability as an owner of a unique British food-maker and shopkeeper with over 110,000 colleagues and an important role in British food production and farming.

“It’s clear to us that Fortress has a full understanding and appreciation of the fundamental character of Morrisons.

“This, together with the very clear intentions they have set out today, has given the Morrisons directors confidence that Fortress will support and accelerate our plans to develop and strengthen Morrisons further.”

Richard Lim, chief executive of research consultancy Retail Economics said: “This signals the biggest shakeup in the UK grocery sector for over a decade.

“The grocery sector is transitioning through a period of enormous change as the impact of the pandemic has shifted buying behaviour.

“Navigating the fast-paced change in market dynamics, customer behaviour and the pressures on the food supply chain in a post-Brexit environment will be no easy feat.

“Success will hinge on the new owners gaining the support of experienced key members of the leadership team to execute on the future strategy.

“This will be critical given the pace of change sweeping through the industry.”

Adrian Jones, Unite national officer representing Morrison’s warehouse and distribution workers said: “Unite is now seeking urgent talks with Morrison’s to protect our members’ jobs and conditions.

“We won’t allow another takeover of a strong UK business see the workers trampled over as the boardroom and shareholders rush towards their bonanzas.

“Morrison’s is unique in UK supermarkets in that is owns its supply chain, from the farm to the warehouse.

“Morrison’s workers have made this business strong and profitable – they deserve to have their dedication rewarded by the owners.

“Unite will meet urgently with the management team to turn their promises that the workers’ jobs and terms will not be undermined into unbreakable guarantees.

“Only with such cast-iron guarantees can there be any hope of Unite and our members cooperating with this sale.”