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In a major turn of events, Reuters reports this morning that Safeway Plc in the UK is no longer recommending to its shareholders that it accept the bid from Wm. Morrison Supermarkets, which had set off a bidding frenzy by offering the equivalent of $4 billion (US) to acquire the UK’s fourth-ranked supermarket chain.

There are at least five other potential bidders for Safeway: Tesco, Wal-Mart, and Sainsbury, plus a number of other retailers and private equity groups.

Safeway has advised shareholders to await developments and further advice.
KC's View:
This story came across the wires just as we were putting MNB to bed this morning…rather than rewrite all our other stories on the subject and delay delivery of MNB, we offer this as “breaking news” For additional context and commentary, check out our stories below.