Response to Revival Statement
Marks & Spencer Group PLC
15 July 2004
Issued : Wednesday 14 July 2004
Marks and Spencer Group plc ('Marks & Spencer' or 'the Group')
Response to Revival Statement
The Board of Marks & Spencer notes the statement made by Philip Green on behalf
of Revival Acquisitions Limited ('Revival') that it has withdrawn its proposal
to make an offer for the Group. As previously announced, the Board believed and
continues to believe that 400 pence per share undervalues the Group and its
prospects significantly.
Following today's AGM, Paul Myners, the Chairman, received a telephone call from
Philip Green informing him that Revival had the support of 36 per cent. of the
Group's shareholders requesting that the Board should allow Revival access for
due diligence. Mr Myners said that the Board was in the process of consulting
shareholders.
Late this afternoon, Philip Green informed the Board, through its advisers, that
he required from them tonight a commitment to recommend an offer from Revival if
made at 400 pence per share. Revival was made aware that a board meeting had
already been scheduled for this evening. This meeting was in progress when
Revival's announcement was made.
The Board is pleased that a period of uncertainty has come to an end.
Paul Myners, Chairman of the Board, said:
'As a Board, we are focused on improving the performance of Marks & Spencer and
delivering the long term value that we have identified for the benefit of our
shareholders. Stuart Rose and the team are fully committed to the task and we
have every confidence in their ability to succeed.'
PRESS ENQUIRIES
Marks & Spencer 020 7268 1919
Paul Myners
Stuart Rose
Citigroup 020 7986 4000
Robert Swannell
Ian Hart
David James
Morgan Stanley 020 7425 5000
Simon Robey
Brian Magnus
Mark Brooker
Cazenove 020 7588 2828
David Mayhew
Duncan Hunter
Richard Wintour
Tulchan 020 7353 4200
Andrew Grant
Kirstie Hamilton
Katie Macdonald-Smith
The directors of Marks and Spencer Group plc accept responsibility for the
information contained in this announcement and confirm that, to the best of
their knowledge and belief, (having taken all reasonable care to ensure that
such is the case), the information contained in this announcement is in
accordance with the facts and does not omit anything likely to affect the import
of such information.
Citigroup Global Markets Limited ('Citigroup') is acting for Marks & Spencer and
no one else in relation to the matters described in this announcement and will
not be responsible to anyone other than Marks & Spencer for providing the
protections afforded to clients of Citigroup nor for providing advice in
relation to the matters described in this announcement.
Morgan Stanley & Co. Limited ('Morgan Stanley') is acting for Marks & Spencer
and no one else in relation to the matters described in this announcement and
will not be responsible to anyone other than Marks & Spencer for providing the
protections afforded to clients of Morgan Stanley nor for providing advice in
relation to the matters described in this announcement.
Cazenove & Co. Ltd ('Cazenove'), which is regulated in the United Kingdom by the
Financial Services Authority, is acting for Marks & Spencer and no one else in
relation to the matters described in this announcement and will not be
responsible to anyone other than Marks & Spencer for providing the protections
afforded to clients of Cazenove nor for providing advice in relation to the
matters described in this announcement
This information is provided by RNS
The company news service from the London Stock Exchange
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