Marks & Spencer has rejected the latest increased offer for the company from retail entrepreneur Philip Green.

Green upped his bid to 370p - worth around £8.14 billion - after a bid of between 290p and 310p was turned down earlier this month.

But M&S said the offer "significantly undervalues" the group, adding it would not be recommended to shareholders.

Green made his fresh offer after holding talks with the retail giant's chairman and chief executive.

Under the new deal - through his bid vehicle Revival Acquisitions - Green offered M&S shareholders a choice of either a straight cash offer of 370p for each share, or a partial share alternative.

He originally offered £7bn and a 25 per cent stake in his bid. M&S chairman Paul Myners entered the battle arena, with an admant: "This business is not for sale."

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