UK supermarket Morrisons plans auction to end bidding war

LONDON (AP) — The British supermarket chain Morrisons plans to end a bidding war for the company by holding an auction between two U.S.-based investment groups that have made competing offers. The private equity firm Clayton, Dubilier & Rice offered about 7 billion pounds ($9.6 billion) for Morrisons. That figures topped the 6.7 billion-pound offer from a group led by Fortress Investment. But neither bidder declared its offer final by the deadline set by regulators. Morrisons said Wednesday that it is in discussions with the bidders and the U.K. Takeover Panel to put together an auction that will provide “an orderly framework for the resolution of this competitive situation.”