Supermarket group Morrisons has accepted an improved £7bn takeover bid from US private equity group Clayton, Dubilier & Rice (CD&R).
Morrisons had previously recommended investors accept a £6.7bn offer from a consortium led by another US-based investment group, Fortress.
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Fortress said it was "considering its options", amid signs shareholders think the battle is not over.
Morrisons shares opened up on Friday, a signal investors expect another bid.
The retailer, which has almost 500 shops and more than 110,000 staff, has been at the centre of a takeover battle for weeks.
Fortress has urged Morrisons' shareholders to "take no action" on CD&R's agreed bid, which will require their approval at a meeting in October.
In July Morrisons turned down an offer worth £5.5bn from CD&R, saying it significantly undervalued the business.
But the grocer's board unanimously accepted the new offer, which represents a 60% premium to Morrisons' share price before takeover interest emerged in mid June.
Morrison shares rose 4.4% following the announcement to 291.4p per share.
Nicholas Hyett, Equity Analyst at Hargreaves Lansdown, said that although the new offer has the backing of Morrisions' management, "this might not be the end of the story".
He said: Rival bidder Fortress has urged investors to hold fire on accepting the deal and are expected to make a further statement in due course. With the shares currently trading above the new and improved offer price, the market clearly thinks a better offer is a distinct possibility."