US private equity group Fortress has increased its offer for the supermarket chain Wm Morrison to nearly £10bn, raising the stakes in a fierce battle for control of one of Britain’s biggest grocers.

SoftBank-owned Fortress hiked its bid just days before a critical deadline for a rival offer from the buyout group Clayton, Dubilier & Rice, a dramatic twist in a deal that could reshape a company that has been listed in London for over 50 years and employs more than 118,000 people.

CD&R has responded asking for more time to consider its options.

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Source: Financial Times

By Kaye Wiggins and Jonathan Eley