Sir Philip Green rumoured to be shopping for M&S
Speculation has surfaced that Sir Philip Green, who has sold a 25 per cent stake in his Topshop and Topman chain for 500m pounds to a US private equity outfit, is lining up a bid for Marks & Spencer, whose shares were up in midday trade.
Speculation has surfaced that Sir Philip Green, who has sold a 25 per cent stake in his Topshop and Topman chain for 500m pounds to a US private equity outfit, is lining up a bid for Marks & Spencer, whose shares were up in midday trade.
Rik Thakrar, risk manager and senior dealer at Spread Co said: "It is no secret that Sir Philip has long coveted Marks & Spencer, and has wanted to bring his expertise to restore the blue-blooded retailer to former glories.
"Investors are clearly speculating that the Arcadia Chairman will use his newly acquired funds to launch a takeover of M&S. Despite shares being close to a one-month high, the Spread Co dealing desk has recorded a surge in long positions in M&S this morning."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The buyer of Green's stake in Topshop and Topman was US private equity group Leonard Green and Partners. It is also likely that any future bid for M&S will involve some form of private equity backing, given the current £6.3bn market cap of M&S.
Green's last attempt to take over Marks & Spencer failed eight years ago. He offered £9.1bn in a hostile bid, which equated to 400p a share.
At 12.15 Marks & Spencer shares were up 3.3p at 397.6p.
CM
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Revolut finally bags a UK banking licence – what's next for the fintech?
Revolut has finally been granted a UK banking licence following three years of negotiations with the regulator
By Kalpana Fitzpatrick Published
-
Could Labour impose a “double death tax” of more than 50%?
Speculation is mounting that capital gains tax will be reformed in the Budget - and one option is to charge bereaved families the tax on top of inheritance tax. We explain how it could work
By Ruth Emery Published