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Last month, Morrisons agreed a 7 billion pound ($9.6 billion)offer from Clayton, Dubilier & Rice (CD&R). However, a rival consortium led by Softbank-owned Fortress Investment Group could still trump CD&R’s bid.
Morrisons said shareholder meetings to vote on the CD&R offer will be convened for a date in or around the week starting Oct. 18.
It said any auction process would take place prior to these shareholder meetings, on a date that would be announced by the Takeover Panel.
Following completion of an auction process, Morrisons shareholders would vote on either a Fortress or CD&R offer, depending on which offer Morrisons’ board recommends.
Morrisons said it expected a scheme document on CD&R’s offer to be posted to shareholders around Sept. 25.
CD&R’s latest offer is worth 285 pence per Morrisons share.
Morrisons shares closed Tuesday at 291.1 pence, indicating investors are hoping for a higher offer.
($1 = 0.7266 pounds)
