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

M&S said it believes that Revival’s proposal for Marks & Spencer of 400 pence per share “continues to undervalue the group and its prospects significantly” and that the board would not be prepared to recommend an offer at this level.

The company said its management team will be announcing its plans for the business on 12 July, including new information in respect of the operations and strategy of the company. M&S said it is confident that it will be able to demonstrate to shareholders on 12 July that Revival’s proposed offer undervalues the company.

The board of M&S also called on Revival to clarify certain aspects of its proposal, including how Revival will deal with competition issues (which the board said it believes are significant), including the undertakings Philip Green would be prepared to make to obtain competition clearance.

Green said this week that his latest offer, which values the company at around £9.1bn (US$16.8bn), is his final proposed offer, having had two previous proposals rejected.