City brokers yesterday told Clayton, Dubilier & Rice (CD&R), the international investment firm behind the £5.5bn swoop for the UK’s fourth-largest supermarket, to drastically up its bid from the 230 pence per share indicated last week. 

Experts said that the grocers’ board, led by chair Andy Higginson, would be unlikely to settle for anything less than 280 pence per share – a figure closer to £6.7bn, the same amount EG Group owners the Issa brothers and TDR Capital snapped up rival Asda for in February.