Fortress Investment Group and Clayton Dubilier & Rice LLC are to face off in an auction for Wm Morrison Supermarkets Plc that will likely determine who wins the battle for Britain’s fourth-largest grocer. The procedure kicks off on Oct 2. It will last one day and consist of a maximum of five rounds, according to a statement from the U.K. Takeover Panel on Wednesday. All parties have agreed to the terms, which state all increased offers must be at a fixed price in pounds.

The auction will determine the final price each company is willing to pay for Morrison. The grocer will then make a recommendation to shareholders on which offer to back. Shareholders will have the final say when they vote on Oct. 19. It will be Britain’s biggest take-private deal in at least a decade, according to data compiled by Bloomberg.

News of the auction is the latest twist in the heated battle for Morrison, which is attracting buyout interest because of the large amounts of cash it generates, as well as its real estate portfolio. The grocer owns most of its 500 stores, as well as 14 factories where it makes much of the food it sells.

Read more/Source: Yahoo Finance