Supermarket works on basis that offers from US private equity firms CD&R and Fortress are not final
Morrisons has announced it is in talks with both of its US private equity suitors, as well as the UK’s Takeover Panel, which regulates acquisition activity, to begin an auction procedure to settle who takes control of the country’s fourth largest supermarket chain.
Last month, the board of the grocer recommended that shareholders back an offer by Clayton, Dubilier & Rice (CD&R) that would value the supermarket chain at £7bn (or £9.7bn including debt).
