M&S get Standard Life support against Green bid

The M&S board claimed a major scalp in its drive to persuade investors not to support a takeover proposal from billionaire Philip Green.

Standard Life Investments (SLI), which has a 2% stake in M&S, said it had decided to reject the terms of the possible offer from the Bhs and Arcadia owner.

“Based on the plans outlined on July 12 and following further detailed discussions with the new management team, SLI has concluded that the proposed bid by Philip Green undervalues M&S’s recovery prospects,” said head of UK equities David Cumming.