M&S Chief Executive Bought Shares Before Bid

Newly appointed M&S chief executive Stuart Rose bought 100,000 shares in Marks & Spencer prior to being informed of Philip Green's plans for a bid for the group or being offered his current role.

The Financial Times reports that Rose acquired the stake on May 7, when the price was below 300p-a-share. That was five days before he was approached by Bhs and Arcadia owner Green, who hoped Rose would take his bid for M&S through Green's company Revival Acquisitions.

Two weeks later, Rose agreed to take on the role of M&S chief executive in order to defend the business against the bid. Rose told the FT: "I have been a shareholder in Marks and Spencer for a number of years. I have not traded any M&S shares since becoming aware of Green's intentions on May 12."

The M&S board has now rejected two bid overtures from Green, the most recent a 370p-a-share all cash offer. Green is reported to be sounding out major M&S shareholders in the US before deciding his next move. US investment fund Brandes holds just under 12 per cent of M&S shares.