M&S staff miss out on £115m windfall

Marks
& Spencer staff would have made more than £115m from their share options
had BHS and Arcadia
owner Philip Green been successful in his proposed £9bn offer for the retailer.

Thousands
of staff participating in the save-as-you-earn option scheme, which entitles
them to buy shares at a fixed price, would have shared about £100m between
them, reports the Financial Times.

About
400 senior staff in the executive share option scheme, including board members
and high-level managers, would have shared at least another £15m to £50m,
according to some estimates, if Green had succeeded.

In
the event, Green walked away from his £9.1bn proposal to buy the company after
the board refused him access to the books. When he approached the company in
May, Green said he was only prepared to proceed with a full-blown bid if he
secured a board recommendation.

It
is understood that Green factored in £150m as the cost of the two share option
schemes when calculating the cost of his takeover proposal.

By Daniel Thomas

 

 

 

 

 

Comments are closed.