Newspaper article The Journal (Newcastle, England)

Shareholders Cash in as M&S Begins Buyback

Newspaper article The Journal (Newcastle, England)

Shareholders Cash in as M&S Begins Buyback

Article excerpt

Marks & Spencer began buying back more than a quarter of its shares at 362p each yesterday in the largest tender offer in UK corporate history.

M&S revealed the scheme, which will see pounds 2.3bn returned to shareholders as a reward for their loyalty during the fight against a potential pounds 9.1bn takeover bid from retail tycoon Philip Green, was oversubscribed.

The tender offer will see 27.9pc of M&S shares cancelled and approximately 1.65 billion still in circulation.

An M&S spokesman said it was too early to say how the buyback would affect the balance of power between institutions and its army of private shareholders.

This is important as Mr Green blamed opposition from private investors, who held 20pc of M&S shares prior to the tender offer, for scuppering his takeover.

The strike price for the tender is higher than the closing share price of 357p on Friday and way short of the 400p that Mr Green was willing to pay for each share. …

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