UK: Marks & Spencer Rejects Green’s Final Offer
Marks & Spencer has said that it is not prepared to recommend Philip Green's improved share offer.
It said that Green's £9.1 billion takeover proposal, which includes a 400-pence-a-share offer, "continues to undervalue the group and its prospects significantly".
M&S said that this would become clear to its shareholders on 12 July when chief executive Stuart Rose unveils the full scale of his plans for the company.
Green's offer includes a cash and share alternative of 335 pence per share, plus a 30 per cent 'stub' equity interest in Green's Revival Acquisitions vehicle.
M&S also referred to "major areas of uncertainty" involved with Revival's proposal, including its ownership structure and financing.
Green said that the offer made to M&S on Wednesday would be his last.
Companies: Marks & Spencer Group Plc
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