Business Services Industry
Tenacious tycoon poised to raise his stake in Marks & Spencer.
Knight Ridder/Tribune Business News, October, 2004
By Geoff Foster, Daily Mail, London Knight Ridder/Tribune Business News
Oct. 15--More than 22m shares in Marks & Spencer (1 pence dearer at 350 pence) changed hands amid rumours that billionaire tycoon Philip Green intends to wreak havoc in the struggling retailer's forthcoming tender offer.
As part of its defence against Green's failed informal 9.1 billion pounds or 400 pence-a-share cash offer, M&S said it would buy back 2.3 billion pounds worth of its own shares from investors via a tender offer in a price range of 322 pence to 380 pence a share. M&S announces the official tender price on Friday and insiders believe it will be 360 pence.
Mischievous gossip suggests that old foe Philip Green will bid for stock at up to 10 pence per...
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