M&S buys back its shares

RETAIL giant Marks & Spencer began buying back more than a quarter of its shares at 362p each yesterday in the largest tender offer in British corporate history.

M&S revealed the scheme, which will see £2.3 billion returned to shareholders as a reward for their loyalty during the fight against a potential £9.1bn takeover bid from retail tycoon Philip Green, was oversubscribed.

The tender offer will see 27.9% of M&S shares cancelled and approximately 1.65 billion still in circulation.