Business Services Industry
Marks & Spencer shareholders prepares for cash back.
Knight Ridder/Tribune Business News, August, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Aug. 14--Marks & Spencer is gearing up to return UKpound 2.3 billion to shareholders. It has signed new banking facilities for UKpound 2 billion to help fund its share tender.
Chief executive Stuart Rose promised to return the cash to shareholders as part of his plan to fend off the UKpound 9.1 billion approach by retail tycoon Philip Green.
The retail giant is holding an egm on October 22 for shareholders to approve the share purchase. It hopes to send out details of the tender offer towards the end of September.
If all goes to plan, shareholders who have agreed to sell their holdings should be sent cheques by October 29.
UKpound preceding a numeral refers to the...
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