M&S 'to offer shareholders less'

Speculation was mounting today that troubled retailer Marks & Spencer would offer investors less for their shares than the £4 (€5.89) promised by billionaire Philip Green in his takeover bid.

The group is due to announce the terms of its £2.3bn (€3.4bn) tender offer to buy back shares from investors on Tuesday, as part of its promise to return money to shareholders.