James Davey and Sarah Young

LONDON (Reuters – A bidding process will decide the winner of a six-month, $10 billion battle for British supermarket chain Morrisons. Results are expected to be announced shortly after.

The one-day auction pits U.S. private equity group Clayton, Dubilier and Rice (CD&R) against a consortium led by Softbank (OTC:) owned Fortress Investment Group.

CD&R, whose 285 pence a share bid was recommended by Morrisons’ board in August, is advised by Terry Leahy, a former CEO of Britain’s biggest supermarket chain Tesco (OTC:).

Morrisons was established in Bradford in northern England in 1899. It started as an egg- and butter merchant. After market leader Tesco and Sainsbury’s, it listed its shares and is Britain’s 4th-largest Grocer.

Morrisons battle was the most notable of a series of British bids. It reflects private equity’s thirst for cash-generating assets.

The Takeover Panel, which governs the process for M&A deals in Britain, moved to an auction because neither bidder has declared their offers final.

Maximum five rounds are allowed in the contest.

One bidder could increase its offer if they are the first. If neither does, CD&R’s existing agreed offer wins.

If round 1 has a lower bid, then the second bidder may raise their offer in the subsequent rounds.

In the event that there is no winner, each of the offerors could increase their bids for the final round.

To prevent a draw any fifth round offer by Fortress must be at an “even” number of pence, while CD&R must bid an “odd” number of pence.

Once the auction ends, the panel will give a statement. Morrisons only has Tuesday to present its recommendation. However, it may make a statement on Saturday after its board meets.

Morrisons stock closed Friday at 297 pence, which indicates investors are expecting a better offer.

Both CD&R and Fortress have committed to retain Morrisons’ Bradford headquarters and its existing management team led by CEO David Potts, execute its strategy, not sell its freehold store estate and to maintain staff pay rates.

The commitments, however, aren’t legally binding.