Britain's Burton to Top Shop retail group Arcadia has recommended its shareholders to accept a £770 million sterling cash offer from billionaire retail entrepreneur Philip Green.
Arcadia said it thought Green's 408p a share revised offer was at a value it could recommend and it also announced a second interim dividend payment of four pence a share to stakeholders.
Green, owner of the Bhs and Mark One clothing chains, restructured his final offer on Thursday to drop certain pre-conditions and make it more appealing to Arcadia. He said his offer was dependent on a recommendation as he did not want to make a hostile approach.
Green already has an irrevocable agreement from Arcadia's biggest shareholder Icelandic retailer Baugur to accept the offer.
Arcadia's institutional investors have been split over the bid price. Barclays Global Investors, the biggest, with a 10% holding has remained undecided while Standard Life, with 9%, thinks the stock is worth nearer £5. Schroders (2%) and M&G (3%) previously said they thought the bid price is fair.
