Mystery M&S 'bidder' pulls out

THE little-known financier who claimed to be on the verge of bidding for Marks & Spencer today backed away from any deal, bringing to an end one of the more bizarre episodes in the retailer's recent turbulent history.

In a statement thought to have been demanded by the Takeover Panel, Mark Paulsmeier said his Paulsmeier Inc 'is not leading, nor contemplating, any takeover bid for Marks & Spencer and would not wish to be part of any such bid'.

He claimed that while his group had been involved in 'the facilitation of a possible management buyout', it has, in the light of developments, 'decided to disassociate itself from any transaction involving a bid for the company and will not have any further involvement with this project'.

Reports earlier this week that the mysterious South African was planning a 410p-a-share cash offer created widespread bemusement and incredulity in the City, where few had even heard of him.

His claim to have secured the support of 11% of the M&S workforce, helped by the backing of a senior M&S man known only as 'Andrew', was ridiculed, and there were fears the episode was an attempt to manipulate the market.

Shares in M&S shed 5p to 362p today, well short of the 400p offered by Bhsb billionaire Philip Green last summer.

Green made it clear on Monday he is not planning to make a new approach, but he reserved the right to enter the fray if a rival bidder should emerge.