(Adds detail)
LONDON, Sept 8 (Reuters) - British supermarket group
Morrisons is in talks with its two U.S. private equity
suitors and the Takeover Panel, which governs deals in the UK,
regarding an auction procedure to settle its future ownership,
it said on Wednesday.
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)
(Reporting by James Davey; editing by Michael Holden/Guy
Faulconbridge)
