Menu
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)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
11 April 2006
M&S reports sales rise
Marks and Spencer has reported a strong rise in sales, as the High Street retailer's sales revival continues. M&S reported a 6.8% increase in like-for-like sales in the three months up to April 1. The retailer said that it expected profits before tax for 2005/06 to be between £745 and £755 million.
M&S reports sales rise
Marks and Spencer has reported a strong rise in sales, as the High Street retailer's sales revival continues. M&S reported a 6.8% increase in like-for-like sales in the three months up to April 1. The retailer said that it expected profits before tax for 2005/06 to be between £745 and £755 million.
02 June 2011
'Business Bid For Share Of £950m'
Lord Heseltine has visited York to promote the second round of the Regional Growth Fund and encourage bidders to compete for a share of £950m. During his visit Lord Heseltine spoke about the importance of economic growth and the role of the Regional Growth Fund.
'Business Bid For Share Of £950m'
Lord Heseltine has visited York to promote the second round of the Regional Growth Fund and encourage bidders to compete for a share of £950m. During his visit Lord Heseltine spoke about the importance of economic growth and the role of the Regional Growth Fund.
30 January 2012
NI Businesses Urged To Avail Of Free IT Solutions
Businesses in Northern Ireland have been encouraged to take advantage of the significant cost-savings on offer through incorporating aspects of over 475,000 free open source software projects into their IT processes.
NI Businesses Urged To Avail Of Free IT Solutions
Businesses in Northern Ireland have been encouraged to take advantage of the significant cost-savings on offer through incorporating aspects of over 475,000 free open source software projects into their IT processes.
31 August 2001
Hitachi confirms global jobs cuts
Electronics manufacturer, Hitachi has confirmed it will slash its global workforce by 14,700. While some 4,500 of the job losses are likely to be take place outside Japan, the firm said that the cuts, which amount to more than four per cent of Hitachi's staff, will all be made before March next year.
Hitachi confirms global jobs cuts
Electronics manufacturer, Hitachi has confirmed it will slash its global workforce by 14,700. While some 4,500 of the job losses are likely to be take place outside Japan, the firm said that the cuts, which amount to more than four per cent of Hitachi's staff, will all be made before March next year.
19 November 2013
NI Areas Urged To Take Part In BID Pilot Scheme
Social Development Minister Nelson McCausland is encouraging areas throughout Northern Ireland to apply to take part in a Business Improvement District (BID) pilot scheme. The BID consortium, appointed to provide support and capacity building for the BID scheme, has now launched a process for areas to make expressions of interest in becoming a BID.
NI Areas Urged To Take Part In BID Pilot Scheme
Social Development Minister Nelson McCausland is encouraging areas throughout Northern Ireland to apply to take part in a Business Improvement District (BID) pilot scheme. The BID consortium, appointed to provide support and capacity building for the BID scheme, has now launched a process for areas to make expressions of interest in becoming a BID.
-
Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
