The last remaining consortium interested in Somerfield has confirmed that it has agreed a price of 197p a share for the supermarket group.

The consortium, which includes Barclays Capital, Apax Partners and Robert Tchenguiz, said that, "subject to finalising financing, agreement has been reached on the terms of a recommended cash offer for Somerfield of 197p per share".

However, it added that there was still no certainty that an offer would be made. A further announcement is expected later today.

The consortium has until 5pm today to either make its bid or walk away.