Shares in Marks & Spencer jumped on Monday after a report that U.S. investment firm Apollo Global has been considering a bid for the British clothing and food retailer
The newspaper cited "city sources" as saying Apollo considered M&S a bargain, with the group's shares unreasonably weighed down by the impact of the COVID-19 pandemic and the market failing to attribute enough value to M&S's 50% stake in Ocado'sThe Sunday Times said it was unclear whether Apollo's interest had been dampened by the recent surge in M&S shares - up 33% over the last month.M&S and Apollo declined to comment on the report.
Earlier this month M&S beat forecasts for first-half profit and upgraded its earnings outlook for the second time this year, sending its stock soaring on bets that one of Britain's most elusive corporate turnarounds could finally materialise. Last year, Apollo missed out on buying Asda, Britain's No. 3 grocer, which was taken over by the Issa brothers and TDR Capital. This year, it considered joining the bid battle for Morrisons, the No. 4 supermarket chain.Reports this year also linked Apollo with Sainsbury's
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