UK food and clothing retailer Marks & Spencer has said it has rejected a revised takeover bid from Revival Acquisitions, the bid vehicle controlled by retail entrepreneur Philip Green.

M&S said that at the request of Revival Acquisitions, M&S chairman Paul Myners and chief executive Stuart Rose had met with Green and a representative of Goldman Sachs.

“At that meeting, Revival Acquisitions put forward a revised proposal in relation to a possible offer for the group. The revised proposal values each ordinary share of Marks & Spencer at not less than 370 pence in cash. Revival Acquisitions also indicated that it would be prepared to offer a partial share alternative,” the company said.

The board of Marks & Spencer, which is being advised by Citigroup, Morgan Stanley and Cazenove, then met to consider the revised proposal but decided that the offer would “significantly undervalue the group and its prospects”.

“The board has therefore informed Revival Acquisitions that it does not intend to recommend an offer at this level to shareholders,” M&S said.

The revised bid by Green values M&S at around £8.4bn (US$15.4bn). Some analysts believe the company should fetch around £9bn, or 400 pence per share, reported Reuters.