Green prepares for talks with M&S shareholders
Billionaire Philip Green was today thought to be preparing for talks with Marks & Spencer shareholders as he ponders whether to raise the stakes in his takeover bid.
The entrepreneur saw his cash-plus-shares proposal worth an estimated £9bn (€13.5bn) rejected yesterday by the M&S board, led by new chief executive Stuart Rose.
Media reports said Mr Green was likely to meet investors next week to explain his possible offer after the outline terms were met with a lukewarm response in the City.
Analysts said the proposal was short on detail, such as the value of a 25% stake in Revival Acquisitions – a newly listed company set up by Mr Green.
They also believe he will need to pay more than up to 310p for each M&S share to persuade investors to back his bid.
“The onus is back on Philip Green to up the ante,” said retail expert Nick Bubb, of Evolution Beeson Gregory.
Green has built a strong position in the sector through the acquisitions of Bhs and Arcadia, which includes fashion chains such as Top Shop and Dorothy Perkins.
