The board of Marks & Spencer has announced that it believes Green’s 400p per share proposal for the company continues to undervalue the group.

The board has stated it is confident it will demonstrate this to shareholders on 12 July.

The board also noted it is concerned that there are areas of uncertainly regarding Green’s proposal, which it wishes Revival, Green’s bidding vehicle, to clarify.

These include the ownership structure of Revival and its financing as well as the characteristics and value of the share alternative.

The board also requested more information on how Revival will deal with competition issues, which it feels are significant in this case.

Green’s offer, worth 400p per share, was accepted by US investor Brandes, which has an 11.7% stake and by Schroder Investment Management, which has a 1.2% share of M&S, on condition it was recommended by the M&S board.

The M&S board called an emergency meeting yesterday and spent three hours in discussions about Green’s new £9.1bn offer, but did not come to a final conclusion until today.