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HEALTH |
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Marks and Spencers refuses SAGA £9.10p offer
Marks & Spencer has, for a third time, snubbed a takover offer, this time from “Gripper” tour operator Saga.
Making the GBP 9.10 offer on Monday, (approx 15 $US), SAGA claimed that Marks and Spencer’s "Old Codger™" clothing lines and "Meals-On-Wheels™" frozen meals were a perfect fit with their current business of providing circuit tours for the over 70’s, however M&S refused the offer yesterday with the following statement.
"Though the board believes that [the] obvious synergy between SAGA and M&S would significantly rejuvenate the company, the offer of less than a tenner continues to undervalue the group and its prospects by at least 15%."
Marks & Spencer’s three shares stood 9p lower yesterday at 359p in early trade.
See also : Estee Lauder skin cream works; conclusive proof
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