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Philip Green watching mystery M&S bidder

South African financier in direct appeal to staff A South Africa-based businessman considering a bid for Marks & Spencer has caught the notice of former M&S… View Article

GENERAL MERCHANDISE NEWS

Philip Green watching mystery M&S bidder

South African financier in direct appeal to staff
A South Africa-based businessman considering a bid for Marks & Spencer has caught the notice of former M&S suitor Philip Green.

Green is refusing to rule out a new bid of his own if financier Mark Paulsmeier tables a bid for the high street business.
Paulsmeier is calling on Marks & Spencer’s management and staff to back a proposed 410p a share bid which would give employees a stake in the business. Paulsmier’s business, Paulsmier Inc is claiming the support of 11 per cent of M&S employees for a proposed 410p a share bid, which would value M&S at 10.5bn.
Details of the potential bid have emerged in documents leaked to a number of newspapers.
Paulsmeier says he has been drawing up plans since last summer, when he was contacted by an M&S senior executive he has identified only as Andrew, in the wake of Bhs and Arcadia owner Philip Green’s ultimately unsuccessful approach.
Paulsmeier will be in the UK next week to progress the bid, and says he will launch it formally when he has the backing of 75 per cent of M&S staff. The development has raised eyebrows in the City, which knows little about Paulsmeier.
One analyst said asking M&S employees to support the bid would be like “asking turkeys to vote for Christmas”. In the leaked documents, Paulsmeier says that staff cuts and the closure of some smaller stores would be necessary to make M&S viable.
[img r]philipgreen.jpg[/img]However, Philip Green is keeping his options open in the face of the new potential bid. A statement from Revival Acquisitions, the bid vehicle set up for Green’s approach to M&S last year, said: “In response to continued speculation, Philip Green wishes to make clear that he is not considering a possible offer for M&S.
“For the purposes of Rule 2.8 of The City Code on Takeovers and Mergers, Philip Green does, however, reserve the right to make an offer for M&S in the event that a third party announces a firm intention to make an offer for M&S.”

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