Philip Green dropped his bid for Marks and Spencer yesterday and criticised the Board for not meeting his demand for talks.
Green’s bidding vehicle, Revival Acquisitions, announced yesterday that it had the support of over 30% of shareholders, who would either accept a 400p per share proposal or wanted the Board to talk to Green.
However, in a statement last night Revival then stated it has, “concluded from today’s M&S agm statement and conversations with Paul Myners that Revival will not gain the co-operation of the Board of M&S to provide it with access to the information necessary for Revival to make its offer, including the necessary meeting with the pension trustees, by 6 August.”
In response to Green’s statement the Board stated that it continued to believe that 400p per share undervalued the group and its prospects significantly.
Paul Myners, chairman of the Board of M&S, said: “As a Board, we are focused on improving the performance of Marks & Spencer and delivering the long term value that we have identified for the benefit of our shareholders. Stuart Rose and the team are fully committed to the task and we have every confidence in their ability to succeed.”