Wm Morrison Supermarkets PLC (LSE:MRW) said it’s still waiting for final offers from CD&R and Fortress as neither has declared their bids as final, meaning an auction process is likely.
The grocer and the two private equity groups have liaised with the takeover panel to compile a new scheme document that will be posted to shareholders on 25 September as part of an auction procedure.
READ: Wm Morrison Supermarkets pension plan trustees seeking assurances before shareholders vote on bids
The court meeting and the general meeting to approve the CD&R offer will be convened around 18 October.
The auction procedure to end the competition between the two bidders will take place before these shareholder meetings, at a date to be announced by the takeover panel.
The Morrisons board will decide which buyer to choose after the auction procedure is completed.
“The Morrisons board continues to place very significant emphasis on the wider responsibilities of ownership of Morrisons,” the supermarket chain said.
“These responsibilities include a recognition of the importance to the Morrisons business of all stakeholders, including colleagues, customers, pension trustees and suppliers as well as the distinct heritage and history of Morrisons and the legacy of Sir Ken Morrison.”
In a separate announcement, Fortress extended the conditions of its offer, which initially provided that the court and general meetings would be set for 7 September.