Marks & Spencer Board Says, “No Thanks, Guv’nor”

Marks & Spencer Group PLC (London) has rejected a takeover bid from British billionaire Philip Green, an entrepreneur who already owns a chain of women’s clothing and department stores.

The Marks & Spencer board issued a statement saying, “The board considers that the proposal significantly undervalues the group and its prospects and therefore rejects the proposal.’’

Green had indicated last month that he would make a bid. This week, he said he would offer about £9 billion ($16.5 billion) in cash and shares for Marks & Spencer’s 365 stores. Green made his bid conditional on examining Marks & Spencer’s recent sales figures and details of its pension fund.

“There is nothing here worthy of recommendation,” said Marks & Spencer ceo Stuart Rose, who recently replaced Roger Holmes. “The ball is firmly back in Philip Green’s court.’’

Rose, coincidentally, was ceo of the Arcadia group of women’s clothing stores (like Top Shop and Dorothy Perkins) when Green took over that company two years ago. In that contest, Rose forced Green to raise his bid by 12 percent, to £772 million ($1.4 billion).

Green, whose estimated personal worth is about $5 billion, also owns the 164 Bhs department stores. Some analysts have said he may have to sell those to avoid regulatory complications if he acquires Marks.