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03/06/2004
M&S rejects Green's £9bn takeover bid
A hostile bid by Philip Green to take over the High Street giant Marks and Spencer has been rejected.
The M&S board said today that it was rejecting the proposal as it "significantly undervalues the Group and its prospects".
Mr Green's bid, the details of which were revealed this morning, valued the company at around £9 billion.
In a statement, the board said: "Following the appointment of Stuart Rose as Chief Executive on 31 May 2004, the management team is currently in the early stages of re-examining all aspects of its business in order to maximise value creation for its shareholders. Marks & Spencer shareholders will retain 100% of this value creation."
The Board of Marks & Spencer is being advised by Citigroup, Morgan Stanley and Cazenove.
Retail billionaire Green, who made his name heading up Bhs and Arcadia, put together a bid of £7 billion in cash topped up with a 25% stake in a newly-listed holding company – which brought the total bid up to £9 billion.
Investment banks, including Merill Lynch and Goldman Sachs, had put up £7.5 billion, and Green himself tabled £1.05 billion in cash, the BBC reported. The bid put the share value at between 290-310 pence per share, but had 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 believed that this was an opening gambit – a shot across the bows to test the market and mettle of the board. The next move belongs to Mr Green.
(gmcg)
The M&S board said today that it was rejecting the proposal as it "significantly undervalues the Group and its prospects".
Mr Green's bid, the details of which were revealed this morning, valued the company at around £9 billion.
In a statement, the board said: "Following the appointment of Stuart Rose as Chief Executive on 31 May 2004, the management team is currently in the early stages of re-examining all aspects of its business in order to maximise value creation for its shareholders. Marks & Spencer shareholders will retain 100% of this value creation."
The Board of Marks & Spencer is being advised by Citigroup, Morgan Stanley and Cazenove.
Retail billionaire Green, who made his name heading up Bhs and Arcadia, put together a bid of £7 billion in cash topped up with a 25% stake in a newly-listed holding company – which brought the total bid up to £9 billion.
Investment banks, including Merill Lynch and Goldman Sachs, had put up £7.5 billion, and Green himself tabled £1.05 billion in cash, the BBC reported. The bid put the share value at between 290-310 pence per share, but had 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 believed that this was an opening gambit – a shot across the bows to test the market and mettle of the board. The next move belongs to Mr Green.
(gmcg)
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