LONDON, July 14 (UPI) -- Retail magnate Philip Green has scrapped a $16.9 billion bid for British retail cornerstone Marks & Spencer, SouthLondon.co.uk reports.
Green, a billionaire who owns Bhs department stores and the Arcadia retail group, said Wednesday night he decided not to pursue the takeover any further. since the M&S board would not give him the information he needed to make an offer.
San Diego, Calif.-based, Brandes Investment Partners, which owns an 11.7 percent stake in the London-based M&S, had urged the retailer to consider Green's proposal of $7.43 (4 British pounds sterling) per share.
Stakeholders Schroder Investment Management Ltd., which owns 1.2 percent of shares, and others controlling 21.1 percent of shares, also pledged support for Green's bid.
Though withdrawing his bid, Green reserved the right for his bid vehicle Revival Acquisitions to bid again within the next six months if another offer is made for the retailer.
Company Chairman Paul Myners said in a statement after Green's withdrawal he thought Green's proposal undervalued the company.
