Newspaper article The Journal (Newcastle, England)

Green Gives Up on Pounds 9.1bn Bid as M&S Holds Firm

Newspaper article The Journal (Newcastle, England)

Green Gives Up on Pounds 9.1bn Bid as M&S Holds Firm

Article excerpt

Retail tycoon Philip Green has dropped his pounds 9.1bn takeover bid for Marks & Spencer, he said in a statement last night.

The high street group had earlier defied calls from its largest shareholder to allow Mr Green and his Revival Acquisitions bid vehicle to complete due diligence ahead of the bid.

The billionaire retailer said last night that despite "continuing support" from Brandes and other shareholders, it had been concluded "Revival will not gain the co-operation of the board of M&S to provide it access to the information necessary for Revival to make its offer, including the necessary meeting with the pension trustees, by August 6."

US-based Brandes, which has an 11.7pc stake in M&S, had previously issued a statement urging the retailer to consider Mr Green's final proposal of 400p a share. It has pledged to back a formal offer from Revival, while Mr Green wants other shareholders to put pressure on M&S.

But addressing investors at the company's annual meeting in London yesterday, M&S chairman Paul Myners said the stance of the board was unlikely to change. …

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