The board of Marks & Spencer has rejected Philip Green’s latest takeover bid for the high street retailer.
Green had offer £9.1 billion, around 400p a share. He is now believed to be considering his next move.
A spokesperson for M&S said: “The board believes that Revival’s proposal… of 400 per share continues to undervalue the group and its prospects significantly.”
The retailer stated it was confident it would demonstrate this to shareholders on July 12, when chief executive Stuart Rose will give an update on savings at the firm.
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