Marks & Spencer in sights of US private equity firm
The chain has seen its shares surge in recent weeks
US private equity firm Apollo Global Management has been assessing a move on high street chain Marks & Spencer.
New York-based Apollo is said to consider the UK retailer a bargain and that the market has undervalued its online delivery venture with grocery giant Ocado, in which it bought a 50% stake in 2019 for £750m.
However, M&S shares have risen by 24% on a recent upgraded profit forecast which may have dampened Apollo’s appetite. Its next move therefore remains uncertain, says The Sunday Times.
M&S itself may make a move to buy out the half share in its joint venture with Ocado, according to market sources, a move which drove up the value of shares in the delivery service by 6.8% on Friday while M%S shares rose 2.5%.