Marks & Spencer yesterday rejected the "final, final, final offer" from retail billionaire Mr Philip Green, with investors now focused on the UK retailer's strategy update next week.
M&S said Mr Green's 400p- a-share cash proposal "significantly" undervalued the diversified retail group, the same language used to dismiss a 370p-a- share offer last month.
Mr Green has insisted he will not make a hostile approach.
He was pushed into action after the UK Takeover Panel required him to make a formal offer by August 6th or desist for six months.
His latest offer valued the group at £9.1 billion excluding £2 billion in debt, with a share alternative of 335p-a-share in cash plus a 30 per cent equity interest in his Revival Acquisitions.
The proposal was conditional on it being recommended by the M&S board and his being able to carry out due diligence. Mr Green said US-based Brandes Investment Partners, M&S's largest shareholder with 11.7 per cent, had "irrevocably undertaken" to support an offer at 400p-a-share. - (Financial Times Service)
