British retail entrepreneur Philip Green is to continue with his efforts to acquire UK food and clothing retailer Marks & Spencer by reportedly seeking US investors to support his £8.4bn (US$15.4bn) offer.
In the last few weeks Marks & Spencer has rejected both Green’s original proposal and a revised offer, but Green has not given up on his efforts to take over the underperforming company.
Green’s team reportedly plan to gain the support of US fund manager Amelia Morris, of Brandes Investment Partners, which has an 11.96% stake in M&S. They hope Morris can persuade US investors Artisan Partners and Capital Group to put pressure on the board of M&S to negotiate, reported the Guardian.
M&S hopes its institutional shareholders will refrain from supporting Green until after the company reveals its turnaround plan in mid-July.