Morrisons takeover battle to go to auction next month

Wm Morrison has said that a takeover battle between rival groups will go to a panel-arranged auction next month since neither has declared their offers for the UK supermarket chain final. Private equity firm Clayton, Dubilier and Rice has made a £10.2bn offer for Morrisons but is facing a rival consortium led by Fortress Investment Group. "The board of Morrisons has engaged with the panel executive together with Market Bidco and Fortress Bidco in order to begin discussions around an orderly framework for the resolution of this competitive situation," Morrisons said on Wednesday. Morrisons' stock is at 291p, above the 285p per share that private equity group CD&R offered last month. Fortress Investment Group, which is owned by Japan's SoftBank, bid 270p and said last month it was "Considering its options" following the CD&R proposal.

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