Greedy Green

3 Jun 2004 By Hugo Dixon

The UK retail entrepreneur has made a proposal that doesn’t look worth more than 330p360p a share. Green’s offer is greedy. He could make hay while M&S shareholders got slim pickings. The offer won’t fly as it stands.

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Marks & Spencer has rejected a potential offer from Philip Green. The UK retailer said its board "considers that the proposal significantly undervalues the group and its prospects."

Philip Green submitted a possible offer for Marks & Spencer of between 290p and 310p a share of cash on Thursday morning. He would also offer 25% of the interest in Revival, the vehicle that would acquire M&S, in the form of a listed security.

Green said he and his family were committed to putting in up to £1.05bn of equity. £450m more would be provided by Goldman Sachs, Barclays Capital and HBOS. GS, Halifax, Merrill Lynch and RBOS have confirmed that £7.5bn of debt financing is also committed.

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