By Ian Walker

The U.K. Takeover Panel said Monday that it has extended the deadline for Clayton Dubilier & Rice LLC to make an offer for U.K. grocer Wm. Morrison Supermarkets PLC in light of the latest offer by SoftBank Group Corp.'s Fortress Investment Group Ltd.

The new deadline for Clayton Dubilier to either make an offer for the U.K.'s fourth-largest grocer or walk away is Aug. 20. It was previously Aug. 9.

On Friday, Morrison agreed to a new offer from the Fortress consortium that valued it at 6.7 billion pounds ($9.29 billion). Under the offer, accepting Morrison shareholders will get 270 pence a share, plus a special dividend of two pence. The new price per share is a 7% premium to the original Fortress offer of 254 pence a share.

In light of the new offer, Morrison adjourned its general meeting that was due to be held on Aug. 16 to give Clayton Dubilier time to consider its options over the latest offer. The meeting will now be held on Aug. 27.

In mid-June, Clayton Dubilier put forward a GBP5.54 billion possible cash offer for Morrison that was rejected by the board, saying it "significantly undervalued" the company and its future prospects.

Morrison said Friday that it still believes the new Fortress offer is in the best interest of shareholders, and that it won't be withdrawing its recommendation.

Fortress, which is leading a team of investors to buy Morrison, said the new deal followed extensive talks between the two parties, and that it "remains committed to becoming the new owner of Morrison." Fortress also said that it notes recent speculation about a possible counter offer from Clayton Dubilier.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

08-09-21 0248ET