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UK:Renewed bid plans for M&S refuted by Phillip Green |
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2005-2-23
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The British entrepreneur, owner of UK-based Bhs and Dorothy Perkins retail chains - Philip Green scoffed at the news of any immediate plans to make a fresh bid for Marks & Spencer (M&S) Group.
Earlier in July 2004, Green had proposed a deal valued at about £9.1 billion ($17 billion) to pick M&S, but failed to muster support from M&S'' board of directors.
Rife with speculations, Marks & Spencer Group (M&S) shares have again had a bull run on the share market fueled by the news of the renewed takeover attempt on the company by Green.
Since the late bid in July 2004, Green had been barred by the British regulators from launching another takeover bid for at least six months, unless another potential bidder emerged for the company. The six-month ban expired in January this year. Meanwhile, M&S warned earlier last month that its full-year earnings would be way below the market expectations. |
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