Morrisons has asked the Takeover Panel for more time to launch a bid for Safeway after being given 21 days to table an offer.
However, it is thought that the panel, which polices takeovers and mergers, has rejected the attempt to secure more time for the Bradford-based group.
Patricia Hewitt, the secretary of state for trade and industry has confirmed a bid deadline of 11am on December 29. The deadline falls in the middle of the Christmas lull and a formal bid is expected in the middle of next week after Sir Ken Morrison meets with his Safeway counterpart David Webster.
Although Morrisons could make a hostile bid for Safeway, it is thought that both sides would prefer to recommend an offer to investors.
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