Somerfield has rejected a £1bn takeover bid by Icelandic group Baugur.
The Bristol-based supermarket chain, which also owns Kwik Save, said it "would not be in the interests of shareholders to give further consideration to the offer".
Baugur already owns a five per cent stake in the group, and has been expanding its UK presence.
It is the second time that Somerfield has rejected a takeover bid. In 2003, it rejected an approach from retail entrepreneurs John Lovering and Bob Mackenzie.
This time around, there are a number of interested parties rumoured to be in the wings, including a possible £1.2 billion bid from property magnates Robert and Vincent Tchenguiz.
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