Philip Green claims more shareholder backing
Investors urging M&S to co-operate
Philip Green has claimed the support of more Marks & Spencer shareholders for his potential bid for the business.
A statement to the stock exchange from Revival Acquisitions, the bid company set up by Bhs and Arcadia Green claimed the support of shareholders representing around 1.8 per cent M&S, as well as holders derivative contracts in respect of 7.9 per cent of shares.
These groups, accounting for 9.7 per cent of shares, “have confirmed to Revival that they believe that the board of M&S should allow Revival access to its requested due diligence” on the basis of the 400p-a-share proposed offer tabled by Green, and rejected by M&S, last week.
The statement conceded the holders of the contracts probably have no contractual or voting rights over the shares.
Revival already has backing, in the event of a firm offer being made, from US fund Brandes, which owns 11.9 per cent of the business, and Schroder Investment Management with 1.2 per cent.
Green also written a strongly worded letter David Norgrove, chairman of the M&S pension fund, sharply critical of the pensions trustees’ refusal to meet with Green to discuss the deficit in the M&S pension fund.
The letter, also released to the stock exchange, said the decision to refuse a request for a meeting is “astonishing and could frustrate our ability to acquire M&S”. Green said the trustees’ statement that it is not their role ‘to help or to hinder’ a potential acquirer of M&S as “pious nonsense”.
[img r]m&sstuartrose.jpg[/img]M&S chief executive Stuart Rose is due to make a presentation to analysts on Monday, setting out a strategy for the business which, the company says, will realise greater long-term value than the Revival offer.
