UK - Cerberus and JC Flowers still in running for Rock

Cerberus and JC Flowers are still in the running for Northern Rock, the embattled bank. Virgin has been selected as the preferred bidder but it is understood that the two US private equity groups submitted revised offers on Friday and Chancellor Alistair Darling is keen for there to be a competitive process. Private equity firm Olivant is also tabling a bid and has secured the support of Northern Rock's two largest shareholders, hedge funds SRM and RAB.