Fresh bid for Morrisons due this week

A new offer is expected for Morrisons this week as Clayton Dubilier & Rice seeks to trump Fortress. CD&R has until Friday to submit a bid to rival Fortress’s £6.7bn offer, and to convince the board to change its recommendation. It is thought that CD&R will have to offer at least 275p a share, although industry observers have suggested that a bid of 280p would be more meaningful. Sources say the Morrisons board and the Takeover Panel would not have agreed to give Clayton Dubilier & Rice more time if they had not been confident that it would result in a rival offer. The board delayed the shareholder vote on the Fortress bid. Morrisons owns nearly 500 stores, as well as associated logistics, factories, farms and 85% of its freeholds. The Times (£) Photo from Morrisons