American private equity firm Clayton, Dubilier & Rice (CD&R) is reportedly preparing to submit a counterbid for British supermarket chain Morrisons, after a £6.3bn bid from a rival.

US buyout giant Fortress had a £6.3bn bid for Morrisons provisionally accepted last month, after weeks of takeover rumours. The Sunday Times reports today that CD&R are sorting out equity and debt financing to place a bid next week for Morrisons.

The private equity firm has plans to roll out a chain of Morrisons convenience stores through its 900 petrol stations run by the Motor Fuel Group. CD&R is also said to be looking at alternative ways to use Morrisons’ excess space in its near 500 supermarkets across the UK.

Read more/Source: City A.M.