LONDON, Sept 27 Reuters - Shareholders in the U.S. private equity group Clayton will get to vote on the $10 billion takeover offer from British supermarket chain Morrisons on Thursday, said Dubilier Rice CD&R on Monday.
Morrisons set the date for the hotly contested deal to be voted on, however with rival bidder Fortress Investment Group yet to walk away, a competitive situation exists and the Takeover Panel could step in and require an auction to take place.
The fight for Britain's third largest supermarket outlet after Asda and Tesco is the most prominent stake in the takeover amid a raft of bids and counter bids, which reflect private equity's appetite for UK Plc.
Morrisons said earlier this month that it was talking to both bidders and the Takeover Panel, which regulates M&A deals in the UK, about an orderly framework for the resolution of this competitive situation - which would typically be an auction.
A competitive announcement relating to any auction procedure will be made in due course if the formal situation continues, said it in the statement.
Following completion of an auction, Morrisons shareholders would vote on either a Fortress or a CD&R offer, depending on which offering Morrisons board recommended
CD&R's latest offer is worth 285 pence per Morrisons share, while Fortress pitched its bid at 272 pence a share. It has said it is considering its options. Morrisons share closed on Friday at 292 pence.