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17/06/2004
M&S reject revised offer from Revival
Marks & Spencer have rejected an increased offer from retail entrepreneur Philip Green's company Revival Acquisitions.
Following a meeting between Marks & Spencer's Chairman Paul Myners and Chief Executive Stuart Rose, who met with Philip Green and a representative of Goldman Sachs yesterday afternoon, the substantially increased bid was rejected.
Revival Acquisitions placed a revised proposal on the table that valued Marks & Spencer's ordinary shares at not less than 370 pence in cash - effectively valuing the company at around £8.1 billion.
An previous bid valuing M&S ordinary shares at up to 310 pence, equivalent to £7 billion, was rejected earlier this month. But on the earlier offer M&S shares surged 3% on speculation of a takeover by Green - and yesterday topped 363 pence on the news of the increased bid.
The board of M&S, which is being advised by Citigroup, Morgan Stanley and Cazenove, met to consider the revised proposal, but again stated that at 370 pence the offer would "significantly undervalue the group and its prospects".
The Board informed Revival Acquisitions that it would not be recommending the latest offer to shareholders.
Recently appointed Chief Executive Stuart Rose has conducted a senior management shake up as his review of the lack-lustre M&S operation aimed at improving overall performance is due to be completed by July 12 this year.
(SP)
Following a meeting between Marks & Spencer's Chairman Paul Myners and Chief Executive Stuart Rose, who met with Philip Green and a representative of Goldman Sachs yesterday afternoon, the substantially increased bid was rejected.
Revival Acquisitions placed a revised proposal on the table that valued Marks & Spencer's ordinary shares at not less than 370 pence in cash - effectively valuing the company at around £8.1 billion.
An previous bid valuing M&S ordinary shares at up to 310 pence, equivalent to £7 billion, was rejected earlier this month. But on the earlier offer M&S shares surged 3% on speculation of a takeover by Green - and yesterday topped 363 pence on the news of the increased bid.
The board of M&S, which is being advised by Citigroup, Morgan Stanley and Cazenove, met to consider the revised proposal, but again stated that at 370 pence the offer would "significantly undervalue the group and its prospects".
The Board informed Revival Acquisitions that it would not be recommending the latest offer to shareholders.
Recently appointed Chief Executive Stuart Rose has conducted a senior management shake up as his review of the lack-lustre M&S operation aimed at improving overall performance is due to be completed by July 12 this year.
(SP)
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