Advisers to John Lovering and Bob Mackenzie, and Somerfield, are still locked in talks to see whether the grocer will accept a higher bid from the pair. An outcome is expected to be some days away.
Somerfield's board rejected Lovering and Mackenzie's 103p-per-share offer two weeks ago. The pair's advisers are understood to have upped their bid to an indicative offer of more than 110p per share.
Lovering and Mackenzie want a green light from Somerfield's advisers before going to the board with a formal offer. It is understood that Lovering and Mackenzie would not mount a hostile bid.