Business Services Industry
Raider eyes shareholder's 12 percent stake in U.K. retailer Marks & Spencer.
Knight Ridder/Tribune Business News, June, 2004
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Jun. 23--Philip Green is sounding out Marks & Spencer's biggest shareholder Brandes in an attempt to buy its 12 percent stake and bring the bid battle to a decisive phase.
The billionaire tycoon is hoping that if he can buy a large chunk of M&S shares before launching a formal bid, this will increase the pressure on the retailer to open its books.
Green's readiness to shell out UKpound 1 billion to buy the Brandes stake demonstrates how serious he is. He could be left nursing a loss on the shares if his bid fails.
A less expensive route would be to sew up a deal by which Brandes pledges to sell at a certain price if the bid proceeds.
Green tried...
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