07/07/2004

Green makes improved offer for M&S

The Marks & Spencer board are currently considering an improved offer from Philip Green amounting to £4 per share, it has been reported today.

Mr Green said that the latest offer, an 8% improvement on last month's, has the backing of a major shareholder. US company Brandes reportedly said that it would sell its 11.7% stake if the bid was made.

A previous offer of 370p per share was rejected by the M&S board on June 16 because "it significantly undervalued the Group and its prospects".

M&S shares rose by 19.25p to 379.25p at 9am today after the details of the offer emerged.

(gmcg)

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