Morrisons rivals to go head-to-head in Saturday auction

Morrisons’ four-month bidding war will end on Saturday when two private equity firms face off in an auction.

Reuters reports that Clayton, Dubilier & Rice (CD&R) and Fortress have agreed to settle their battle in a one-day auction, with up to five rounds of bidding.

The news pushed up Morrisons’ share price to its highest point since CD&R made the first offer in June.

Softbank-backed Fortress entered the fray in July, winning the backing of the retailer’s board with bids at 252p and then 270p.

READ MORE: Morrisons boss targeted by anti-vax conspiracists

CD&R then rebounded with a 285p bid which valued Morrisons at £7 billion.

However, it has provoked outrage after revealing plans to operate the Bradford-based grocer from a Cayman Islands tax haven.

With Fortress refusing to back down, the Takeover Panel intervened this month to end Morrisons’ “great uncertainty”.

Morrisons shares have soared from 292p to 296p since markets opened this morning.

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