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03/06/2004
Green bid values M&S at £9bn
A hostile bid by Philip Green to take over the High Street giant Marks and Spencer has valued the company at around £9 billion, the BBC has reported today.
Mr Green, a retail billionaire who made his name heading up Bhs and Arcadia, has put together a bid of £7 billion in cash topped up with a 25% stake in a newly-listed holding company – which brings the total bid up to £9 billion.
Investment banks, including Merill Lynch and Goldman Sachs, have put up £7.5 billion, and Green himself has tabled £1.05 billion in cash, the BBC reported. The bid puts the share value at between 290-310 pence per share.
The bid has not generated enthusiasm with shareholders – as of lunchtime today, the share price had fallen by 15.5 pence to 350.05 pence, a fall of 4.23%.
Analysts believe that this opening gambit is below par – some suggests that 400 pence per share would be decisive – and are waiting to see how things develop from here.
The bid is subject to recommendation from the M&S board, which is expected to respond later today.
(gmcg)
Mr Green, a retail billionaire who made his name heading up Bhs and Arcadia, has put together a bid of £7 billion in cash topped up with a 25% stake in a newly-listed holding company – which brings the total bid up to £9 billion.
Investment banks, including Merill Lynch and Goldman Sachs, have put up £7.5 billion, and Green himself has tabled £1.05 billion in cash, the BBC reported. The bid puts the share value at between 290-310 pence per share.
The bid has not generated enthusiasm with shareholders – as of lunchtime today, the share price had fallen by 15.5 pence to 350.05 pence, a fall of 4.23%.
Analysts believe that this opening gambit is below par – some suggests that 400 pence per share would be decisive – and are waiting to see how things develop from here.
The bid is subject to recommendation from the M&S board, which is expected to respond later today.
(gmcg)
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