Billionaire tycoon Philip Green has abandoned his offer for Marks & Spencer after it refused to open its accounts to him.
Green had hoped that investors would use M&S's annual meeting yesterday to voice support for his proposed £9.1bn offer but they gave their backing to the current board and chief executive. Newly-appointed boss Stuart Rose will now have to prove that his team can deliver more value to shareholders.
On Monday M&S unveiled a reform package aimed at fending off Green - the company has promised to boost profits, revamp its image and focus on winning back customers. It also will return £2.3bn to shareholders.
Speaking on BBC2's Newsnight programme last night, Green said he had been treated with "contempt" and that he was surprised that the board had refused to meet with him and his advisors.
Shares in the company closed down nearly 5% at 345p in London.
