Marks & Spencer has rejected a fresh bid from entrepreneur Philip Green. Mr Green put forward a renewed 370p share cash offer yesterday - worth around £8.14 billion - after his first bid was rejected earlier this month.
But M&S chief executive Stuart Rose last night said the offer 'significantly undervalued' the company and announced it would not be put to shareholders. He said the decision was taken following a board meeting.
Mr Green, through his bid vehicle Revival Acquisitions, offered M&S shareholders the choice of either a straight 370p cash offer for each share or a partial share alternative.
The revised bid varies from his initial offer of £7 billion and a 25% stake in the bid vehicle, which was rejected by M&S earlier this month.
