Somerfield has lost patience with the takeover saga

Potential bidders for supermarket Somerfield have been ordered to make their intentions known within one month or walk away, regulators have said.

The Takeover Panel has set a deadline of October 14 for Somerfield's suitors to "put up or shut up" to end a long-running takeover saga.

The Panel confirmed that two bidders were eyeing up the Bristol-based supermarket group.

Talks have been at an advanced stage for two months.

A consortium comprising of property tycoon Robert Tchenguiz, private equity group Apax and Barclays Capital is battling for control of Somerfield against property group London & Regional and Japanese bank Nomura.

But no formal bid has been forthcoming.

With talks still dragging on, shareholders fear that the takeover rivals may try to land the supermarket group on the cheap with a cut-price offer.

Last week, Somerfield told investors it wanted "a prompt conclusion" to the bid process.