M&S bid talk ends

Marks & Spencer shares were trading lower today after two days of speculation over bid interest involving a South African businessman came to an end.

Marks & Spencer shares were trading lower today after two days of speculation over bid interest involving a South African businessman came to an end.

Earlier reports linking little known Mark Paulsmeier to the financing of a possible management buy-out had intrigued analysts in the London market.

Today, Mr Paulsmeier issued a statement to confirm Paulsmeier Group was not leading or contemplating an offer for M&S. He added the group had been involved in moves to facilitate a buy-out but added that it had “decided to dissociate itself from any transaction”. No further details were provided.

M&S, which also heard earlier this week that retail tycoon Philip Green was not planning to revive his recent bid interest, declined to comment.

On Tuesday, it was reported that a leaked fax had said Mr Paulsmeier’s venture capital backer was prepared to back a £10.5bn (€15.2bn) bid once the proposals received the backing of 75% of M&S staff. He was also said to have the support of an M&S insider known only as Andrew.

Hilary Cook of Barclays Stockbrokers said: “It always seemed unlikely but then M&S is permanently surrounded by bid speculation.”

The developments contributed to heavy trading in M&S shares on Tuesday, although the stock was 5.25p lower at 361.75p today.

More in this section

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up