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LONDON, Sept 27 (Reuters) - Shareholders in British
supermarket group Morrisons will get to vote on the $10
billion takeover offer from U.S. private equity group Clayton,
Dubilier & Rice (CD&R) on October 19, it said 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 fourth-largest grocer after Tesco
, Sainsbury's and Asda, is the most
high-profile looming takeover amid a raft of bids and counter
bids, reflecting private equity's appetite for UK Plc.
Morrisons said earlier this month that it was talking to
both bidders and the Takeover Panel, which governs M&A deals in
the UK, about "an orderly framework for the resolution of this
competitive situation" - which would typically be an auction.
"A formal announcement relating to any auction procedure
will be made by the Panel in due course if the competitive
situation continues," it said in the statement.
Following completion of an auction, Morrisons shareholders
would vote on either a Fortress or a CD&R offer, depending on
which offer 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 shares closed at 292
pence on Friday.
($1 = 0.7311 pounds)
(Reporting by Kate Holton; editing by James Davey and Sarah
Young)