M&S Not Budging For Green Offer

Marks & Spencer has made it clear its will not change its stance on the GBP8.4bn potential offer for the business from entrepreneur Philip Green.

Despite increased pressure from some investors who believe M&S should co-operate more with Bhs and Arcadia owner Green, M&S has issued a curt response to Green's bid vehicle Revival Acquisitions' latest request for information on any deficit in the company's pension fund.

A statement from M&S said: "The board of Marks & Spencer would like to reiterate that they rejected Revival's proposal of not less than 370p per share made on June 16 because they believe it significantly undervalued the group and its prospects. It has, therefore, not provided any of the information requested by Revival."