Former Debenhams chief linked to hostile bid for M&S
Terry Green, the just-resigned Debenhams chief executive, is fuelling rumours that he will launch a hostile bid for Marks & Spencer, following his surprise stand-down from the company yesterday.
LONDON (Brand Republic) – Terry Green, the just-resigned Debenhams chief executive, is fuelling rumours that he will launch a hostile bid for Marks & Spencer, following his surprise stand-down from the company yesterday.
Green, who was with the company for 15 years, leaves trading director Belinda Earl at the helm of Debenhams as he quit with no concrete plans. He said he was pursuing “a new business opportunity”.
Some analysts believe Green would make an ideal challenger to take on M&S – he was linked with entrepreneur Philip Green’s failed bid for the struggling retailer last year, and was one of three executives sent legal notices by M&S in June asking them to declare any shareholdings.
M&S said Green had not been approached to join the company, but shares were pushed up 10% on the speculation that he would.
The news follows rumours that former Asda chief executive Allan Leighton would take up a position at M&S when he quit as head of the Wal-Mart subsidiary last week.
M&S chairman Luc Vandevelde is currently trying to reinvent the retailer by launching discount shops, radical new advertising featuring a running nude woman and a new designer range of clothes.
Earl, the new chief executive at Debenhams and a former Harrods employee, joined the company in 1985 and became trading director in 1997. When shares closed down 17.5p at 182.5p last night, she said, “It is probably because I am not known. The City does not like surprises and this was totally unexpected.”
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