Marks & Spencer rejects takeover offer
London: British food and clothing chain Marks & Spencer PLC has rejected the the third and latest takeover offer by retail entrepreneur Philip Green.
M&S said that the latest offer, which valued the chain's shares at 400 pence ($7.36) each, or some 9.1 billion pounds ($16.7 billion) in total, undervalued the group and its prospects significantly. The company also said that it wanted clarification from Green on several areas. M&S has rejected two previous bids by Green. Green owns the Bhs department store chain and Arcadia clothing stores and has a reported personal fortune of 3.6 billion pounds ($6.6 billion).
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