UK retail entrepreneur Philip Green has increased his proposed takeover offer for UK food and clothing retailer Marks & Spencer to around £9.1bn (US$16.8bn), and claims that he has the support of the company’s biggest shareholder.
“We’ve signed up their biggest shareholder,” Green told Reuters. “That gives a clear direction of the support we’ve got. If they don’t want my money I’ll go and sit on a beach.”
Green, who owns clothing retailers Bhs and Arcadia, has proposed an offer of 400 pence per share, which would be conditional on the board’s approval.
The M&S board has turned down Green’s two previous proposals, and the entrepreneur said this latest proposal is his final offer. Green also said he would be prepared to make a formal offer by 6 August, a deadline set by the Takeover Panel.