08/07/2004
M&S board rejects latest Green offer
Philip Green's latest offer for high street giant Marks & Spenser has been rejected.
In a statement released this morning, the M&S board said that the £4 per share offer from Philip Green's investment vehicle, Revival, did not reflect the true value of the company.
"The Board believes that Revival's proposal for Marks & Spencer of 400 pence per share continues to undervalue the Group and its prospects significantly," the board said.
The M&S management team said that it would be announcing its plans for the business on July 12.
"This will include important new information in respect of the operations and strategy of Marks & Spencer," it said.
"Following communication of the Group's strategy next Monday, shareholders will be able to make an informed assessment of the Board's view."
The board is clearly confident that its plans will reassure shareholders that the board has not been unnecessarily stubborn in refusing a bid – the value of which is deemed respectable in the City.
The BBC has reported that the 400p per share offer is Mr Green's final one. He is expected to respond to the M&S statement later today.
At 12.24pm today, the M&S share price stood at 363p – down 5.25 pence.
(gmcg)
In a statement released this morning, the M&S board said that the £4 per share offer from Philip Green's investment vehicle, Revival, did not reflect the true value of the company.
"The Board believes that Revival's proposal for Marks & Spencer of 400 pence per share continues to undervalue the Group and its prospects significantly," the board said.
The M&S management team said that it would be announcing its plans for the business on July 12.
"This will include important new information in respect of the operations and strategy of Marks & Spencer," it said.
"Following communication of the Group's strategy next Monday, shareholders will be able to make an informed assessment of the Board's view."
The board is clearly confident that its plans will reassure shareholders that the board has not been unnecessarily stubborn in refusing a bid – the value of which is deemed respectable in the City.
The BBC has reported that the 400p per share offer is Mr Green's final one. He is expected to respond to the M&S statement later today.
At 12.24pm today, the M&S share price stood at 363p – down 5.25 pence.
(gmcg)
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