By Ian Walker

The U.K. Takeover Panel said Wednesday that it will start an auction procedure for grocer Wm. Morrison Supermarkets PLC on Saturday, given that neither of its bidders have declared their offers final, and in order to resolve the current competitive situation.

On Aug. 19 the U.K.'s fourth largest grocer by market share agreed to a 7 billion-pound ($9.55 billion) takeover by Clayton Dubilier & Rice LLC and withdrew its earlier recommendation of the previously agreed-on takeover by SoftBank Group Corp.'s Fortress Investment Group LLC. Under the Clayton Dubilier offer, Morrison shareholders would get 285 pence a share in cash.

Prior to that, Morrisons had agreed to a takeover by the Fortress consortium of 272 pence a share, which included a 2-pence-a-share dividend.

The U.K. Takeover Panel said Wednesday that the auction procedure will consist of a maximum of five rounds which will take place on Saturday. It said any increased bid must be a fixed price in cash.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

September 29, 2021 03:44 ET (07:44 GMT)

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