Green to unveil new bid for M&S

Entrepreneur Philip Green is set to unveil a new bid valuing Marks & Spencer at up to £8.8bn (€13.3bn) this week, it was reported today.

The move by the billionaire retailer would value the company’s shares at between 380p and 390p, according to The Sunday Telegraph.

M&S has so far stood firm against Mr Green by rejecting a takeover proposal earlier this month, saying it significantly undervalued the group and its prospects.

The previous offer consisted of £7bn (€10.6bn) in cash plus a 25% stake in Mr Green’s bid vehicle.

According to the report, Green will offer shareholders the chance to take equity as well as cash, in spite of recent speculation to the contrary.

It also emerged today that M&S was revaluing its property portfolio in what was seen as a move to shore up its bid defences.

It is understood that the retailer appointed property advisory company DTZ to revalue its extensive empire – which it is believed could have a market value of at least £3 billion.

A spokesman for the company confirmed M&S was revaluing its portfolio but said there were no indications of its value.

Another report in today’s Observer newspaper put the value of the estate at close to £4 billion, saying a verdict would be delivered by the end of the month.

It was claimed that M&S was unlikely to sell stores and lease them back, as it did with a number of shops in 2001, in order to hand cash to investors.

Just last week Marks & Spencer announced that its flamboyant head of clothing was stepping down after little over a year with the group.

The troubled high street retailer said its director of home, clothing and store development, Vittorio Radice, was leaving by mutual consent.

Mr Radice is the latest of a number of top executives to leave M&S following Stuart Rose’s appointment as chief executive.

Former chairman Luc Vandevelde has been replaced in the interim by Paul Myners.